salary guide hong kong...an overview of the market back in 2019 2019 has been a challenging year for...
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SALARY GUIDEHong Kong
2020 SALARY GUIDE
The Morgan McKinley 2020 Salary Guide outlines salaries for professionals in Hong Kong, as well as the most in-demand skills and prominent market trends.
An overview of the market back in 2019
2019 has been a challenging year for the economy, decreasing by 3.2% quarter-on-quarter in real terms in the third quarter of 2019, after the fall of 0.5% in the preceding quarter, indicating that the Hong Kong economy has entered a technical recession. The second half of the year has seen a turbulent political situation that has impacted all areas of the economy. Hong Kong has almost full employment with a jobless rate of just over 3%. Those looking for work are usually able to find employment, however the economy still faces a labour shortage. There is a notable gap amongst those aged under 25 where unemployment sits around 8%.
With Hong Kong’s industry structure weighted towards finance, property, professional and trade-related service industries, we have seen continued demand for technology, IT, IoT and 5G skills. We have also seen a noticeable shift in the demand for highly mobile talent within the technology and Chinese institutions for skills within the Greater Bay Area.
Employers across several sectors continued to comment on the difficulty in hiring enough workers with the right skills and training, even within the university-educated talent pool. Amongst the core skills that employers comment on the graduate market lacking are language, client management, communication and critical thinking skills. Over the first half of the year we saw local graduates facing increased competition from qualified talent from elsewhere, but this has reduced over the past 6 months.
We have continued to see demand within the risk and compliance sector, technology and marketing within the e-commerce and data lead disciplines, alongside an increased demand in HR (employee relations) and contracting. The market for front office, finance and accounting and operations roles have been significantly tougher. Several organisations within these spaces remained conservative, due to the continued political unrest and the backdrop of the US-China trade war. Contracting within the technology and finance & accounting sector has remained buoyant. Although the market is tight for talent, we expect to see growth in this sector in 2020, as the market for labour hire from a time and materials perspective matures, and most certainly if the continued unrest does not abate.
Demand for gig economy talent in IT and Technology
The demand for niche talent with skills that are relevant and can evolve in the gig economy continued to grow, with such demand being the headline for organisations. As the availability of full-time talent remained in short supply, more growth was seen in the contracting market. There has been a reduction within start-ups accounting for a high percentage of the hiring, mostly due to the shift for stability and innovation led by blue chips and large SME organisations which have become more preferable for talent wanting higher remuneration and stability. The shift towards 5G and the smart city concept fuelled the demand for niche talent within the sector. We continue to see growth in data & analytics, transformation, robotics, cyber, UX and devops, while traditional IT sectors around infrastructure, .net and project management remained stable.
Strong growth in risk and compliance
With the risk function constantly evolving, it was not just financial services firms that required innovative, flexible talent. The speed of digital innovation, the introduction of digital banking licences and the push for 5G created huge opportunities in the risk function. We have seen increased demand within operational risk, risk innovation and digitisation, and risk data science and transformation. Credit Risk, quantitative risk and market risk have all remained stable.
Compliance maintained steady growth as it continued to become a more integral part for an organisation’s ability to function. This has been prevalent across the insurance sector and the general financial services sector within Hong Kong. Whilst 2018 saw a higher level of job-hopping, this has slowed significantly in 2019 with applicants looking for more stable long-term solutions.
Front-office continued downwards hiring trend whilst operations remained stable. 2019 saw a slowdown in the use of offshoring having an impact on BAU and operations functions that we saw in 2018. The front office market at the senior end has seen unrest due to the current climate with organisations taking a more conservative view on the hiring and geographical location of senior roles within HK.
The trend for reducing local headcount and moving junior staff to markets like Shanghai has still continued amongst the mainland institutions, but slowed considerably with MNCs based in HK. Relationship Managers (RMs) continue to remain in high demand from retail, corporate, and particularly, private banks. Whilst Hong Kong’s talent pool has always been small in this space, the continued demand for multilingual high-performing RMs across the market has kept salaries inflated.
Finance and accounting has remained stable but challenging
It has been a challenging year for job seekers in finance and accounting, with the number of positions continuing to decrease across traditional sectors. We have continued to see rising demand for talent from non-governmental organisations (NGOs) and statutory authorities. The NGOs have consistently provided more opportunities for the sector and growth that we have seen. Following on from 2018 we have seen a challenging period for senior level candidates. Some reasons for that would be international banks moving headquarters away from Hong Kong and the unstable political environment.
Sales, marketing and HR saw demand increased in key areas
We have continued to see demand within the sales and marketing sectors, specifically within the e-commerce and data lead disciplines alongside an increased demand in HR – Employee relations and contracting. Whilst FMCG and traditional retail have slowed significantly, we still saw the technology, telecommunications and professional services sectors hiring in these sectors. The e-commerce and fintech sectors are still showing growth, specifically for those that require marketing professionals, including digital marketing, data & analytics, cyber, 5G and robotics skills.
The need for English and Simplified Chinese copywriting and content generation talent has seen a slowdown in H2 this year, largely due to the suffering FMCG and tourism sectors under the greater economic environment. Yet, professionals with strong networks, language skills and exposure to multiple geographies are still the most in demand.
Employee benefits, inclusion and diversity continued to drive the agenda
Flexibility within the workforce and the drive for more female talent across banking, accounting and finance, technology and marketing and at a senior level continued to drive the agenda for organisations alongside digital transformation.
We continue to see the future of work offer multiple challenges and opportunities in providing employee benefits. We have seen continued drive from organisations around creating work-life balance and supporting well-being initiatives, specifically around mental health and employee well-being. Staff engagement and innovation around attrition and retention have been key focuses.
Continuous growth for contracting and other flexible solutions
Whilst permanent positions have always been preferential to Hong Kong candidates, the continued demand for niche digital skills, exposure to different platforms and environments has been a core driver in the demand for contractor growth. To tackle the constantly changing needs in the commercial environments, highly skilled agile workforces delivering on a project basis were in need. We cannot deny the correlation between the increase in political instability through 2019 and the increase in the number of employers looking at more flexible solutions, as they would not like themselves potentially exposed to high headcounts and cost bases. There has also been a notable continuation from 2018, in which both job seekers and organisations became less resistant to contracting. Hong Kong’s contracting market has seen continued growth year on year.
Insurance, digital banking and traditional financial services firms continued to embrace a model that technology businesses and start-ups are familiar with.
Employers and providers must continue to ensure they understand the regulatory changes and compliance issues that play a crucial role in the supply of contractual labour.
We still saw demand in 2019 outstripping supply for talent with organisations exploring outsourcing and project services solutions as well as expanding their searches into other markets to source high-quality talent.
CONTENTS
RISK MANAGEMENT 44
Risk Management Salaries 46
LEGAL 47 Legal Salaries 49
COMPLIANCE 50 Compliance Salaries 52
SALES 54 Sales Salaries 56
MARKETING Marketing Salaries 59
57
FINANCIAL SERVICES OPERATIONS 05
Financial Services Operations Salaries 08
FINANCIAL SERVICES FRONT OFFICE 10
Financial Services Front Office Salaries 12
IT 14
Commerce & Industry - Contract Salaries 17
Financial Services - Contract Salaries 20
Commerce & Industry - Permanent Salaries 24
Financial Services - Permanent Salaries 28
ACCOUNTING & FINANCE 31
Commerce & Industry - Accounting & Finance Salaries 34
Audit Salaries 38
HR 39
HR Salaries 42
Salary Guide 2020FINANCIAL SERVICES OPERATIONS
6
FINANCIAL SERVICES OPERATIONS
The financial sector in 2019 has witnessed a slow drive for recruitment. There has been a drop in demand for talent because many of the companies outsourced their tasks to professionals in other countries. A majority of the tasks were handed over to professional teams in India, China and other Southeast Asian countries.
Cost-saving might be a reason behind this trend. Professional teams in these countries usually charge significantly lower than the candidates in Hong Kong who can handle the same jobs.
Recruitment trends for available jobs
The KYC space has been quite steady. However, hiring managers on both the buying and selling side are more interested in recruiting employees on a contract basis to support remediation projects.
The challenge for both job seekers and employers
There was a general decrease in jobs, which made the year 2019 a challenging one for candidates.
It was not any easier for employers either. Despite having more candidate profiles in KYC management, almost all line managers were going after the same type of talent: those who are well-aware of their career trajectory and possess a positive attitude. It was common to see the few best-matching candidates having a number of offers to choose from.
Highly in-demand jobs
These are the few jobs that were most frequently requested by hiring managers according to our observation during the year:
• KYC Analyst• Trade Support• Client Services
These roles were in high demand for a number of reasons: Hiring managers needed to find competent candidates who can handle KYC operations during remediation and reassessment projects. These candidates were expected to have experience in ensuring that these projects are done in line with the regulatory requirements.
The demand for trade support and middle-office client services roles remained strong due to the need for frequent interaction with front-office. Their tasks include client management, problem solving and feedback generation, which is crucial for forming a long-term relationship with clients.
We could see hiring managers recruiting for language-specific client services roles. In addition to an in-depth understanding of asset profiles, financial management as well as trading systems, candidates who are fluent in Japanese, Korean or Mandarin languages had substantial advantage.
Qualifications in demand throughout 2019
One of the new skills that hiring managers required from the candidates is proficiency in handling VBA coding with Macro. Macro is a computerised procedure that involves the coordination of codes to orchestrate routine procedures during projects or in the workplace.
With the growing need for automation in the workplace, more employers are interested in hiring candidates who can improve their operations with VBA Macro skills. Candidates with information technology and computer science majors who have experience working with operations were considered for the top jobs in the market.
Remuneration trends in 2019
In 2019, candidates who secured permanent jobs in the KYC sector generally enjoyed a 10% rise in their salaries, while employees in trade support and client services received about 15% increase in their remuneration.
Employees who were recruited on a contract basis received as much as 20% increase in their salaries because of the short-term contract nature.
Workplace trends in the industry
On the socio-economic side, political movements have caused uncertainties in the market. To avoid pitfalls, companies in Hong Kong have limited their recruitment drive. We experienced this trend in Q1, however, by Q3 more companies began hiring again. Putting permanent recruitment on hold, managers in charge of recruitment continued to look for short-term contract staff.
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Outlook for 2020
We expect major stakeholders in the industry to continue closely monitoring the political situation before making significant decisions regarding the New Year. Changes in legislation and on the political scene remain largely uncertain for now.
It will be best for candidates to continue in their drive to improve their resumes. While competitive talent still stands a chance of getting permanent openings, candidates should be open to accepting contract agreements, as that would open them to a greater variety of choices.
FINANCIAL SERVICES OPERATIONS
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FINANCIAL SERVICES OPERATIONS | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Operations professionals in Hong Kong
HONG KONG
Financial Services Operations Salaries ($ Per Month)
Job Title Low Average High
Administrator - Middle & Back Office $20,000 $25,000 $35,000
Head Of - Middle & Back Office $100,000 $140,000 $180,000
Manager - Middle & Back Office $65,000 $85,000 $100,000
Officer - Middle & Back Office $25,000 $32,000 $40,000
Operations - Fund Accounting / Admin $25,000 $45,000 $80,000
Operations Asset Servicing $25,000 $45,000 $80,000
Operations Business Manager $40,000 $80,000 $100,000
Operations Cash Management $20,000 $35,000 $65,000
Operations Client Services $25,000 $40,000 $70,000
Operations Controls and Risk $25,000 $40,000 $70,000
Operations Corporate Trust $20,000 $35,000 $65,000
Operations Custody $20,000 $35,000 $65,000
Operations Data Management $20,000 $35,000 $65,000
Operations Equities $20,000 $35,000 $65,000
Operations Fixed Income $20,000 $35,000 $65,000
Operations FX / MM $20,000 $35,000 $65,000
Operations Loans $18,000 $30,000 $55,000
Operations OTC Derivatives $20,000 $35,000 $65,000
Operations Performance Analysis $20,000 $35,000 $65,000
Operations Portfolio Admin $25,000 $35,000 $65,000
Operations Reconciliations $20,000 $35,000 $65,000
FINANCIAL SERVICES OPERATIONS
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FINANCIAL SERVICES OPERATIONS | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Operations professionals in Hong Kong
HONG KONG
Financial Services Operations Salaries ($ Per Month)
Job Title Low Average High
Administrator - Middle & Back Office $20,000 $25,000 $35,000
Head Of - Middle & Back Office $100,000 $140,000 $180,000
Manager - Middle & Back Office $65,000 $85,000 $100,000
Officer - Middle & Back Office $25,000 $32,000 $40,000
Operations - Fund Accounting / Admin $25,000 $45,000 $80,000
Operations Asset Servicing $25,000 $45,000 $80,000
Operations Business Manager $40,000 $80,000 $100,000
Operations Cash Management $20,000 $35,000 $65,000
Operations Client Services $25,000 $40,000 $70,000
Operations Controls and Risk $25,000 $40,000 $70,000
Operations Corporate Trust $20,000 $35,000 $65,000
Operations Custody $20,000 $35,000 $65,000
Operations Data Management $20,000 $35,000 $65,000
Operations Equities $20,000 $35,000 $65,000
Operations Fixed Income $20,000 $35,000 $65,000
Operations FX / MM $20,000 $35,000 $65,000
Operations Loans $18,000 $30,000 $55,000
Operations OTC Derivatives $20,000 $35,000 $65,000
Operations Performance Analysis $20,000 $35,000 $65,000
Operations Portfolio Admin $25,000 $35,000 $65,000
Operations Reconciliations $20,000 $35,000 $65,000
FINANCIAL SERVICES OPERATIONS
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Operations professionals in Hong Kong
HONG KONG
Financial Services Operations Salaries ($ Per Month)
Job Title Low Average High
Administrator - Middle & Back Office $20,000 $25,000 $35,000
Head Of - Middle & Back Office $100,000 $140,000 $180,000
Manager - Middle & Back Office $65,000 $85,000 $100,000
Officer - Middle & Back Office $25,000 $32,000 $40,000
Operations - Fund Accounting / Admin $25,000 $45,000 $80,000
Operations Asset Servicing $25,000 $45,000 $80,000
Operations Business Manager $40,000 $80,000 $100,000
Operations Cash Management $20,000 $35,000 $65,000
Operations Client Services $25,000 $40,000 $70,000
Operations Controls and Risk $25,000 $40,000 $70,000
Operations Corporate Trust $20,000 $35,000 $65,000
Operations Custody $20,000 $35,000 $65,000
Operations Data Management $20,000 $35,000 $65,000
Operations Equities $20,000 $35,000 $65,000
Operations Fixed Income $20,000 $35,000 $65,000
Operations FX / MM $20,000 $35,000 $65,000
Operations Loans $18,000 $30,000 $55,000
Operations OTC Derivatives $20,000 $35,000 $65,000
Operations Performance Analysis $20,000 $35,000 $65,000
Operations Portfolio Admin $25,000 $35,000 $65,000
Operations Reconciliations $20,000 $35,000 $65,000
© Morgan McKinley 2020
Job Title Low Average High
Operations Securities $20,000 $35,000 $65,000
Operations Shareholder Services / Transfer Agency $20,000 $35,000 $65,000
Operations Trade Finance $18,000 $30,000 $55,000
Shareholder Services / Transfer Agent Administrator $18,000 $30,000 $55,000
Shareholder Services / Transfer Agent Supervisor $30,000 $40,000 $60,000
Shareholder Services / Transfer Agent Manager $50,000 $75,000 $100,000
Trustee Administrator $18,000 $30,000 $55,000
Fund Accounting VP $70,000 $100,000 $130,000
Fund Accounting Manager $50,000 $75,000 $100,000
Fund Accounting Supervisor $50,000 $75,000 $100,000
Fund Administrator $30,000 $40,000 $60,000
Fund Accounting Senior Admin $35,000 $45,000 $80,000
Shareholder Services / Transfer Agency Senior Administrator $35,000 $45,000 $80,000
Client Onboarding $30,000 $50,000 $70,000
Collateral Management $35,000 $45,000 $80,000
Sales Support $25,000 $50,000 $70,000
Settlements $18,000 $30,000 $55,000
Trade Support $25,000 $50,000 $80,000
The financial sector in 2019 has witnessed a slow drive for recruitment. There has been a drop in demandfor talent because many of the companies outsourced their tasks to professionals in other countries. Amajority of the tasks were handed over to professional teams in India, China and other Southeast Asiancountries.
Cost-saving might be a reason behind this trend. Professional teams in these countries usually chargesignificantly lower than the candidates in Hong Kong who can handle the same jobs.
Recruitment trends for available jobs
The KYC space has been quite steady. However, hiring managers on both the buying and selling side aremore interested in recruiting employees on a contract basis to support remediation projects.
10
Salary Guide 2020FINANCIAL SERVICES FRONT OFFICE
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FINANCIAL SERVICES FRONT OFFICE
Industry trends in the job market
We observed that in 2019, there was a high demand for Chinese private bankers in Hong Kong, and this is a trend that we expect to continue in the coming year. Many strong private banker candidates with a good book secured multiple offers when switching jobs. There was more of a struggle for hiring managers to be able to attract and recruit their ideal talent in the market instead.
Another trend we witnessed was the increase in number of corporate bankers leveraging their existing relationships to apply in private banking platforms.
Top jobs in 2019
• Private Banking Relationship Manager• Corporate Banking (Chinese Coverage) Relationship
Manager• Private Banking Assistant Relationship Manager
Many of the international banks are reducing their focus on investment banking, but focusing more on growing and targeting Chinese HNW and UHNW market, hence increased the demand for private bankers. This is evidenced by some banks putting in place KPIs that require Corporate and Investment bankers to cross-sell their corporate clients private banking services.
Bankers employed in different capacities in the private banks were expected to perform excellently in the following areas:
• Building strong relationships with Chinese entrepreneurs and corporations
• Expanding the networking influence of the company• Communicating effectively in Mandarin
Salaries in the industry
Remuneration for Assistant Relationship Managers has stayed quite stagnant throughout the year, however, ARMs with 5+ years experience were in high demand and can ask for good increments to move banks.
As always, Relationship Managers from both corporate and private banking can expect good increments. Larger increments can be expected for private bankers (15-30%) compared with corporate bankers (10-20%).
Trends in the industry
The political sphere has had ups and downs during the year, but the industry was reasonably stable despite the challenges. We have, however, observed a notable increase in the number of front office professionals looking for and enquiring about opportunities to work outside of Hong Kong.
Throughout the year, we have also seen more employers willing to grant flexible working hours, which could improve productivity and create ease during the period with active protests.
Outlook for 2020
The tense political situation in Hong Kong and the US-China trade war have caused some banks to freeze their recruitment plans in Q4, 2019. However, despite the apparent economic recession, we do expect more hiring to take place in the private banking space in 2020.
We advise hiring managers to be more open-minded in talent acquisition. With more enquiries received from private bankers seeking opportunities elsewhere in the region, hiring managers in Hong Kong are well-advised to consider corporate bankers who possess strong networks, which can likely be leveraged in a private banking setting to drive business expansion.
For job seekers, even though there is always a shortage of good private bankers in the market, they should not be expecting salary increments as big as in the past years due to the general economic downturn.
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FRONT OFFICE | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES FRONT OFFICE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Front Office professionals in Hong Kong
HONG KONG
Financial Services Front Office Salaries ($ Per Month)
Job Title Low Average High
CB-Assistant Relationship Manager $23,000 $35,000 $47,000
Associate - CB - Relationship Manager $30,000 $30,000 $40,000
AVP - CB - Relationship Manager $40,000 $45,000 $50,000
VP - CB - Relationship Manager $50,000 $65,000 $80,000
SVP - CB - Relationship Manager/Team Head $80,000 $90,000 $130,000
Project Finance - Analyst $35,000 $40,000 $55,000
Project Finance - Associate $50,000 $60,000 $80,000
Project Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Project Finance - Director $90,000 $100,000 $150,000
Project Finance - Managing Dierctor $120,000 $120,000 $180,000
Structured Finance - Analyst $35,000 $40,000 $55,000
Structured Finance - Associate $50,000 $60,000 $80,000
Structured Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Structured Finance - Director $90,000 $100,000 $150,000
Structured Finance - Managing Director $120,000 $120,000 $180,000
Private Bank Relationship Manager $50,000 $110,000 $250,000
Assistant Relationship Manager $25,000 $43,000 $65,000
Product Specialist - Associate $30,000 $40,000 $50,000
Product Specialist - Associate Director/Vice President $50,000 $70,000 $80,000
Product Specialist - Director $80,000 $100,000 $125,000
Product Specialist - Executive Director $120,000 $130,000 $150,000
FINANCIAL SERVICES FRONT OFFICE
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FRONT OFFICE | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES FRONT OFFICE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Front Office professionals in Hong Kong
HONG KONG
Financial Services Front Office Salaries ($ Per Month)
Job Title Low Average High
CB-Assistant Relationship Manager $23,000 $35,000 $47,000
Associate - CB - Relationship Manager $30,000 $30,000 $40,000
AVP - CB - Relationship Manager $40,000 $45,000 $50,000
VP - CB - Relationship Manager $50,000 $65,000 $80,000
SVP - CB - Relationship Manager/Team Head $80,000 $90,000 $130,000
Project Finance - Analyst $35,000 $40,000 $55,000
Project Finance - Associate $50,000 $60,000 $80,000
Project Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Project Finance - Director $90,000 $100,000 $150,000
Project Finance - Managing Dierctor $120,000 $120,000 $180,000
Structured Finance - Analyst $35,000 $40,000 $55,000
Structured Finance - Associate $50,000 $60,000 $80,000
Structured Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Structured Finance - Director $90,000 $100,000 $150,000
Structured Finance - Managing Director $120,000 $120,000 $180,000
Private Bank Relationship Manager $50,000 $110,000 $250,000
Assistant Relationship Manager $25,000 $43,000 $65,000
Product Specialist - Associate $30,000 $40,000 $50,000
Product Specialist - Associate Director/Vice President $50,000 $70,000 $80,000
Product Specialist - Director $80,000 $100,000 $125,000
Product Specialist - Executive Director $120,000 $130,000 $150,000
© Morgan McKinley 2020
HONG KONG - 2020 FINANCIAL SERVICES FRONT OFFICE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Financial Services Front Office professionals in Hong Kong
HONG KONG
Financial Services Front Office Salaries ($ Per Month)
Job Title Low Average High
CB-Assistant Relationship Manager $23,000 $35,000 $47,000
Associate - CB - Relationship Manager $30,000 $30,000 $40,000
AVP - CB - Relationship Manager $40,000 $45,000 $50,000
VP - CB - Relationship Manager $50,000 $65,000 $80,000
SVP - CB - Relationship Manager/Team Head $80,000 $90,000 $130,000
Project Finance - Analyst $35,000 $40,000 $55,000
Project Finance - Associate $50,000 $60,000 $80,000
Project Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Project Finance - Director $90,000 $100,000 $150,000
Project Finance - Managing Dierctor $120,000 $120,000 $180,000
Structured Finance - Analyst $35,000 $40,000 $55,000
Structured Finance - Associate $50,000 $60,000 $80,000
Structured Finance - Associate Director/Vice President $70,000 $80,000 $120,000
Structured Finance - Director $90,000 $100,000 $150,000
Structured Finance - Managing Director $120,000 $120,000 $180,000
Private Bank Relationship Manager $50,000 $110,000 $250,000
Assistant Relationship Manager $25,000 $43,000 $65,000
Product Specialist - Associate $30,000 $40,000 $50,000
Product Specialist - Associate Director/Vice President $50,000 $70,000 $80,000
Product Specialist - Director $80,000 $100,000 $125,000
Product Specialist - Executive Director $120,000 $130,000 $150,000
© Morgan McKinley 2020
Job Title Low Average High
Product Specialist - Managing Director $150,000 $150,000 $200,000
Fund Manager / Portfolio Manager $80,000 $120,000 $200,000
Product Specialist - AM $30,000 $50,000 $120,000
Senior Investment Analyst $60,000 $80,000 $120,000
Investment Analyst $30,000 $50,000 $70,000
Retail Distribution Sales $35,000 $60,000 $150,000
PB Sales $35,000 $60,000 $150,000
Institutional Sales $35,000 $60,000 $150,000
Portfolior Manager - VP $70,000 $80,000 $120,000
Fund/Portfolior Manager - SVP $80,000 $100,000 $150,000
Fund/Portfolior Manager - Senior Director $140,000 $150,000 $200,000
Investment Analyst $50,000 $70,000 $120,000
Senior Investment Analyst $80,000 $90,000 $150,000
Trader - VP $70,000 $80,000 $100,000
Trader - SVP $90,000 $120,000 $180,000
Trader - Senior Director $120,000 $150,000 $200,000
Investor Relations - VP $65,000 $75,000 $90,000
Investor Relations - SVP $80,000 $90,000 $120,000
Investor Relations - Senior Director $100,000 $120,000 $150,000
Industry trends in the job market
We observed that in 2019, there was a high demand for Chinese private bankers in Hong Kong, and this isa trend that we expect to continue in the coming year. Many strong private banker candidates with a goodbook secured multiple offers when switching jobs. There was more of a struggle for hiring managers to beable to attract and recruit their ideal talent in the market instead.
Another trend we witnessed was the increase in number of corporate bankers leveraging their existingrelationships to apply in private banking platforms.
FINANCIAL SERVICES FRONT OFFICE
14
Salary Guide 2020IT
15
IT
The demand for IT professionals in Hong Kong has been high all year round, especially for contract roles.
Finding the best jobs in the market
In 2019, many companies have invested a great sum of money to transform their systems into digital platforms. Therefore the demand for employees with the necessary IT skills to manage these new systems has been high. There has also been a lot more focus on essential soft skills such as good communication skills, stakeholder engagement skills and presentation skills in candidates.
The experience of hiring managers in 2019
Generally, it was quite a difficult year for hiring managers. With a limited talent pool, they faced challenges in finding the most suitable candidates and the best talent was usually deciding between multiple offers at any one time. This situation ultimately drove up the market’s salaries and earnings substantially.
Top IT jobs advertised in the industry
The following positions were in high demand throughout the year:
• Java Developers, .Net Developer, and Technical Business Analyst
• Data Engineers/ Scientist, Data Analysts, and Analytics Managers
• Cloud and Security talents• Agile Coach, Digital Transformation and Product
Managers
These roles were in high demand because of a competitive talent pool in Hong Kong, coupled with a gap in mid-level candidates (professionals who have between 4 to 7 years relevant experience) in the market. Adding to that is the continual transformation of legacy to new systems/ platforms in traditional businesses and the increasing number of new players in the emerging tech market; which resulted in a highly candidate-driven market in 2019.
For data-related roles, there is a need for mid-level to senior candidates who are technically hands-on in Python, Big Data and Cloud who also have the ability to help the organisation improve by leveraging on data.
Workplace trends in the industry
IT has traditionally been a male-driven discipline. In recent years, more companies have put in place diversity policies to hire more females in IT teams. Some companies go even further by creating policies that ensure recruitment considers diversity across multiple facets, such as age, ethnicity, gender, nationality, and religion.
Employee retention strategies
Flexible or remote work arrangements are also becoming more popular and are used as a company “benefit” to increase retention. We also saw this work flexibility in action during the social unrest that happened since June 2019. Whilst this is a growing trend, not every company is able to offer this; mainly due to the nature of the work and the clients that they deal with. Flexi-work arrangements are very important to the millennial workforce and could be used as a strategy to attract younger talent.
Also, many companies have reviewed their salary structure. Employers have increased salaries to attract and retain the best talent. Over the year, we could see a huge salary increment falling between 15% and 40% depending on the company and sector.
Recruitment for contract and permanent positions
For expectations on the employers instead, job seekers now pay more attention to the reputation of a company as a good employer rather than just a business. When evaluating a job opportunity, more candidates are taking into account factors such as good employee benefits and friendly and collaborative corporate culture.
16
What can we look forward to in 2020?
The recent political unrest would undoubtedly have repercussions in 2020 from a growth and expansion perspective, which in turn is expected to hinder new investments in technology across different sectors.
We expect 2020 to be another challenging year for hiring managers in terms of having less new headcount; finding the right candidates from a limited talent pool; as well as a possible talent drain, where high calibre professionals seek employment in other parts of Asia instead of Hong Kong. That being said, Hong Kong remains a resilient market and will likely bounce back quickly in 2020.
Suggestions for hiring managers for 2020
We advise hiring managers to keep an open mind and allow a greater level of flexibility in recruitment. It will be prudent to look at the candidates’ potential rather than only focusing on their skill sets. Candidates with the right attitude and personality can learn new skills quickly to deliver excellent results.
Suggestions for job seekers
Candidates should continually self-upgrade both in technology as well as in soft skills (such as communication, stakeholder engagement, etc). Obtaining relevant certifications is advantageous; but hands-on experience in the job is still the most essential. Hiring managers are generally reluctant to recruit candidates who switch jobs very often, so we would suggest candidates to consider carefully before making any job changes.
Job seekers should also have realistic expectations regarding remuneration and focus on the experience they can gain, instead of just a higher salary. It is good practice to partner with no more than two trusted recruiters who can act as a guide to help the job seeker secure the best role for their longer term career development.
IT
17
COMMERCE & INDUSTRY | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 IT SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for IT professionals in Hong Kong
HONG KONG
IT Contract Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Developer $20,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $35,000
Android Developer $18,000 $25,000 $30,000
Automation Tester $15,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $18,000 $25,000 $30,000
iOS Developer $20,000 $25,000 $30,000
Java Architect $40,000 $50,000 $60,000
Java Developer $20,000 $25,000 $30,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
IT
© Morgan McKinley 2020
HONG KONG - 2020 IT SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for IT professionals in Hong Kong
HONG KONG
IT Contract Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Developer $20,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $35,000
Android Developer $18,000 $25,000 $30,000
Automation Tester $15,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $18,000 $25,000 $30,000
iOS Developer $20,000 $25,000 $30,000
Java Architect $40,000 $50,000 $60,000
Java Developer $20,000 $25,000 $30,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
IT
© Morgan McKinley 2020
Job Title Low Average High
RPG Analyst / Developer $20,000 $30,000 $35,000
Ruby on Rails Developer $20,000 $30,000 $35,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
SQL BI Developer $20,000 $30,000 $35,000
SQL Developer $20,000 $30,000 $35,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $20,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
SAP Consultant $30,000 $35,000 $45,000
SAP Supply Chain $30,000 $35,000 $45,000
Application Support .NET $30,000 $50,000 $70,000
Application Support Java $30,000 $50,000 $70,000
1st Level Support $18,000 $25,000 $35,000
2nd Level Support $18,000 $30,000 $35,000
Application Support $30,000 $50,000 $70,000
Application Support Team Lead $45,000 $60,000 $80,000
Architect (Infrastructure) $40,000 $55,000 $70,000
Desktop Engineer $18,000 $25,000 $30,000
18
COMMERCE & INDUSTRY | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 IT SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for IT professionals in Hong Kong
HONG KONG
IT Contract Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Developer $20,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $35,000
Android Developer $18,000 $25,000 $30,000
Automation Tester $15,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $18,000 $25,000 $30,000
iOS Developer $20,000 $25,000 $30,000
Java Architect $40,000 $50,000 $60,000
Java Developer $20,000 $25,000 $30,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
IT
© Morgan McKinley 2020
Job Title Low Average High
RPG Analyst / Developer $20,000 $30,000 $35,000
Ruby on Rails Developer $20,000 $30,000 $35,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
SQL BI Developer $20,000 $30,000 $35,000
SQL Developer $20,000 $30,000 $35,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $20,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
SAP Consultant $30,000 $35,000 $45,000
SAP Supply Chain $30,000 $35,000 $45,000
Application Support .NET $30,000 $50,000 $70,000
Application Support Java $30,000 $50,000 $70,000
1st Level Support $18,000 $25,000 $35,000
2nd Level Support $18,000 $30,000 $35,000
Application Support $30,000 $50,000 $70,000
Application Support Team Lead $45,000 $60,000 $80,000
Architect (Infrastructure) $40,000 $55,000 $70,000
Desktop Engineer $18,000 $25,000 $30,000
19
COMMERCE & INDUSTRY | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 IT SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for IT professionals in Hong Kong
HONG KONG
IT Contract Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Developer $20,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $35,000
Android Developer $18,000 $25,000 $30,000
Automation Tester $15,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $18,000 $25,000 $30,000
iOS Developer $20,000 $25,000 $30,000
Java Architect $40,000 $50,000 $60,000
Java Developer $20,000 $25,000 $30,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
IT
© Morgan McKinley 2020
Job Title Low Average High
RPG Analyst / Developer $20,000 $30,000 $35,000
Ruby on Rails Developer $20,000 $30,000 $35,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
SQL BI Developer $20,000 $30,000 $35,000
SQL Developer $20,000 $30,000 $35,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $20,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
SAP Consultant $30,000 $35,000 $45,000
SAP Supply Chain $30,000 $35,000 $45,000
Application Support .NET $30,000 $50,000 $70,000
Application Support Java $30,000 $50,000 $70,000
1st Level Support $18,000 $25,000 $35,000
2nd Level Support $18,000 $30,000 $35,000
Application Support $30,000 $50,000 $70,000
Application Support Team Lead $45,000 $60,000 $80,000
Architect (Infrastructure) $40,000 $55,000 $70,000
Desktop Engineer $18,000 $25,000 $30,000
© Morgan McKinley 2020
Job Title Low Average High
Infrastructure Manager $40,000 $45,000 $65,000
Network Administrator $20,000 $28,000 $40,000
Network Engineer $20,000 $40,000 $60,000
Network Security Engineer $25,000 $50,000 $65,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $30,000 $40,000 $55,000
Network Architect $40,000 $50,000 $65,000
Infrastrauctire Engineer $20,000 $35,000 $50,000
IT Graduate $16,000 $18,000 $25,000
IT Manager $40,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $40,000 $50,000 $65,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $50,000
IT Contract Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Architect $30,000 $45,000 $70,000
.Net Developer $25,000 $40,000 $65,000
Analyst Programmer $20,000 $25,000 $30,000
Android Developer $22,000 $35,000 $50,000
Automation Tester $18,000 $25,000 $35,000
Business Intelligence Developer $25,000 $35,000 $50,000
Business Objects Developer $25,000 $35,000 $50,000
20
FINANCIAL SERVICES | $ PER MONTH
© Morgan McKinley 2020
Job Title Low Average High
Infrastructure Manager $40,000 $45,000 $65,000
Network Administrator $20,000 $28,000 $40,000
Network Engineer $20,000 $40,000 $60,000
Network Security Engineer $25,000 $50,000 $65,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $30,000 $40,000 $55,000
Network Architect $40,000 $50,000 $65,000
Infrastrauctire Engineer $20,000 $35,000 $50,000
IT Graduate $16,000 $18,000 $25,000
IT Manager $40,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $40,000 $50,000 $65,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $50,000
IT Contract Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Architect $30,000 $45,000 $70,000
.Net Developer $25,000 $40,000 $65,000
Analyst Programmer $20,000 $25,000 $30,000
Android Developer $22,000 $35,000 $50,000
Automation Tester $18,000 $25,000 $35,000
Business Intelligence Developer $25,000 $35,000 $50,000
Business Objects Developer $25,000 $35,000 $50,000
IT IT
© Morgan McKinley 2020
Job Title Low Average High
C# Developer $25,000 $40,000 $70,000
C++ Developer $25,000 $40,000 $70,000
Database Developer $20,000 $35,000 $50,000
Data Warehouse Developer $20,000 $35,000 $50,000
Developer in Test Java (SDET) $20,000 $35,000 $50,000
Embedded Software Developer $25,000 $35,000 $55,000
Front End Developer $30,000 $45,000 $75,000
HTML5 Developer $20,000 $30,000 $45,000
Information Architect $25,000 $50,000 $70,000
iOS Developer $22,000 $35,000 $50,000
Java Architect $40,000 $55,000 $75,000
Java Developer $30,000 $45,000 $70,000
Java Development Lead $45,000 $55,000 $80,000
JavaScript Developer $25,000 $35,000 $55,000
Mobile Developer $22,000 $35,000 $50,000
Oracle Developer $22,000 $30,000 $50,000
PHP Developer $20,000 $35,000 $50,000
Python Developer $25,000 $50,000 $70,000
QA Engineer $20,000 $35,000 $50,000
QA Engineer Automation $20,000 $35,000 $50,000
QA Manager (IT) $35,000 $40,000 $55,000
RPG Analyst / Developer $22,000 $40,000 $65,000
Ruby on Rails Developer $22,000 $40,000 $65,000
Software Developer $20,000 $35,000 $50,000
Software Development Team Lead $45,000 $55,000 $80,000
Software Tester $20,000 $30,000 $45,000
SQL BI Developer $20,000 $30,000 $45,000
SQL Developer $20,000 $30,000 $45,000
21
FINANCIAL SERVICES | $ PER MONTH
© Morgan McKinley 2020
Job Title Low Average High
Infrastructure Manager $40,000 $45,000 $65,000
Network Administrator $20,000 $28,000 $40,000
Network Engineer $20,000 $40,000 $60,000
Network Security Engineer $25,000 $50,000 $65,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $30,000 $40,000 $55,000
Network Architect $40,000 $50,000 $65,000
Infrastrauctire Engineer $20,000 $35,000 $50,000
IT Graduate $16,000 $18,000 $25,000
IT Manager $40,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $40,000 $50,000 $65,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $50,000
IT Contract Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Architect $30,000 $45,000 $70,000
.Net Developer $25,000 $40,000 $65,000
Analyst Programmer $20,000 $25,000 $30,000
Android Developer $22,000 $35,000 $50,000
Automation Tester $18,000 $25,000 $35,000
Business Intelligence Developer $25,000 $35,000 $50,000
Business Objects Developer $25,000 $35,000 $50,000
IT IT
© Morgan McKinley 2020
Job Title Low Average High
C# Developer $25,000 $40,000 $70,000
C++ Developer $25,000 $40,000 $70,000
Database Developer $20,000 $35,000 $50,000
Data Warehouse Developer $20,000 $35,000 $50,000
Developer in Test Java (SDET) $20,000 $35,000 $50,000
Embedded Software Developer $25,000 $35,000 $55,000
Front End Developer $30,000 $45,000 $75,000
HTML5 Developer $20,000 $30,000 $45,000
Information Architect $25,000 $50,000 $70,000
iOS Developer $22,000 $35,000 $50,000
Java Architect $40,000 $55,000 $75,000
Java Developer $30,000 $45,000 $70,000
Java Development Lead $45,000 $55,000 $80,000
JavaScript Developer $25,000 $35,000 $55,000
Mobile Developer $22,000 $35,000 $50,000
Oracle Developer $22,000 $30,000 $50,000
PHP Developer $20,000 $35,000 $50,000
Python Developer $25,000 $50,000 $70,000
QA Engineer $20,000 $35,000 $50,000
QA Engineer Automation $20,000 $35,000 $50,000
QA Manager (IT) $35,000 $40,000 $55,000
RPG Analyst / Developer $22,000 $40,000 $65,000
Ruby on Rails Developer $22,000 $40,000 $65,000
Software Developer $20,000 $35,000 $50,000
Software Development Team Lead $45,000 $55,000 $80,000
Software Tester $20,000 $30,000 $45,000
SQL BI Developer $20,000 $30,000 $45,000
SQL Developer $20,000 $30,000 $45,000
© Morgan McKinley 2020
Job Title Low Average High
Technical Architect $35,000 $50,000 $70,000
Test Analyst $18,000 $30,000 $40,000
Test Engineer $18,000 $30,000 $40,000
Test Manager $30,000 $38,000 $50,000
UAT Tester $18,000 $25,000 $30,000
UI or GUI Developer $20,000 $40,000 $65,000
Web Developer $20,000 $35,000 $50,000
Full Stack Developer $20,000 $35,000 $50,000
Desk Quant $25,000 $40,000 $60,000
Algorithm Engineer $30,000 $40,000 $60,000
SAP Analyst $20,000 $30,000 $50,000
SAP Consultant $20,000 $30,000 $50,000
Application Support .NET $25,000 $40,000 $60,000
Application Support Java $25,000 $40,000 $60,000
Application Support Team Lead $45,000 $60,000 $80,000
Architect (Infrastructure) $40,000 $55,000 $80,000
Desktop Engineer $20,000 $30,000 $45,000
Infrastructure Manager $45,000 $50,000 $70,000
Network Administrator $20,000 $30,000 $45,000
Network Engineer $25,000 $40,000 $60,000
Network Security Engineer $25,000 $40,000 $60,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $20,000 $45,000 $60,000
DevOps Engineer $25,000 $40,000 $55,000
Network Architect $30,000 $50,000 $65,000
Infrastrauctire Engineer $25,000 $40,000 $55,000
IT Consultant $20,000 $35,000 $55,000
22
FINANCIAL SERVICES | $ PER MONTH
© Morgan McKinley 2020
Job Title Low Average High
Infrastructure Manager $40,000 $45,000 $65,000
Network Administrator $20,000 $28,000 $40,000
Network Engineer $20,000 $40,000 $60,000
Network Security Engineer $25,000 $50,000 $65,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $30,000 $40,000 $55,000
Network Architect $40,000 $50,000 $65,000
Infrastrauctire Engineer $20,000 $35,000 $50,000
IT Graduate $16,000 $18,000 $25,000
IT Manager $40,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $40,000 $50,000 $65,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $50,000
IT Contract Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Architect $30,000 $45,000 $70,000
.Net Developer $25,000 $40,000 $65,000
Analyst Programmer $20,000 $25,000 $30,000
Android Developer $22,000 $35,000 $50,000
Automation Tester $18,000 $25,000 $35,000
Business Intelligence Developer $25,000 $35,000 $50,000
Business Objects Developer $25,000 $35,000 $50,000
IT IT
© Morgan McKinley 2020
Job Title Low Average High
Technical Architect $35,000 $50,000 $70,000
Test Analyst $18,000 $30,000 $40,000
Test Engineer $18,000 $30,000 $40,000
Test Manager $30,000 $38,000 $50,000
UAT Tester $18,000 $25,000 $30,000
UI or GUI Developer $20,000 $40,000 $65,000
Web Developer $20,000 $35,000 $50,000
Full Stack Developer $20,000 $35,000 $50,000
Desk Quant $25,000 $40,000 $60,000
Algorithm Engineer $30,000 $40,000 $60,000
SAP Analyst $20,000 $30,000 $50,000
SAP Consultant $20,000 $30,000 $50,000
Application Support .NET $25,000 $40,000 $60,000
Application Support Java $25,000 $40,000 $60,000
Application Support Team Lead $45,000 $60,000 $80,000
Architect (Infrastructure) $40,000 $55,000 $80,000
Desktop Engineer $20,000 $30,000 $45,000
Infrastructure Manager $45,000 $50,000 $70,000
Network Administrator $20,000 $30,000 $45,000
Network Engineer $25,000 $40,000 $60,000
Network Security Engineer $25,000 $40,000 $60,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $20,000 $45,000 $60,000
DevOps Engineer $25,000 $40,000 $55,000
Network Architect $30,000 $50,000 $65,000
Infrastrauctire Engineer $25,000 $40,000 $55,000
IT Consultant $20,000 $35,000 $55,000
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
23
FINANCIAL SERVICES | $ PER MONTH
© Morgan McKinley 2020
Job Title Low Average High
Infrastructure Manager $40,000 $45,000 $65,000
Network Administrator $20,000 $28,000 $40,000
Network Engineer $20,000 $40,000 $60,000
Network Security Engineer $25,000 $50,000 $65,000
Systems Engineer $20,000 $35,000 $45,000
Systems Administrator $20,000 $35,000 $45,000
Unix / Linux Administrator $30,000 $40,000 $55,000
Network Architect $40,000 $50,000 $65,000
Infrastrauctire Engineer $20,000 $35,000 $50,000
IT Graduate $16,000 $18,000 $25,000
IT Manager $40,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $40,000 $50,000 $65,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $50,000
IT Contract Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Architect $30,000 $45,000 $70,000
.Net Developer $25,000 $40,000 $65,000
Analyst Programmer $20,000 $25,000 $30,000
Android Developer $22,000 $35,000 $50,000
Automation Tester $18,000 $25,000 $35,000
Business Intelligence Developer $25,000 $35,000 $50,000
Business Objects Developer $25,000 $35,000 $50,000
IT IT
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
24
COMMERCE & INDUSTRY | $ PER MONTH
IT IT
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
© Morgan McKinley 2020
Job Title Low Average High
Java Architect $40,000 $50,000 $60,000
Java Developer $25,000 $32,000 $40,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $38,000
Ruby on Rails Developer $20,000 $30,000 $42,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $25,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
25
COMMERCE & INDUSTRY | $ PER MONTH
IT IT
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
© Morgan McKinley 2020
Job Title Low Average High
Java Architect $40,000 $50,000 $60,000
Java Developer $25,000 $32,000 $40,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $38,000
Ruby on Rails Developer $20,000 $30,000 $42,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $25,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
26
COMMERCE & INDUSTRY | $ PER MONTH
IT IT
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
© Morgan McKinley 2020
Job Title Low Average High
Java Architect $40,000 $50,000 $60,000
Java Developer $25,000 $32,000 $40,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $18,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $18,000 $23,000 $25,000
QA Engineer Automation $18,000 $23,000 $25,000
QA Manager (IT) $35,000 $40,000 $45,000
Quality Engineer (IT) $18,000 $23,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $38,000
Ruby on Rails Developer $20,000 $30,000 $42,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $15,000 $25,000 $30,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $15,000 $25,000 $30,000
Test Engineer $15,000 $25,000 $30,000
Test Manager $30,000 $40,000 $50,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $25,000
UI or GUI Developer $15,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $18,000 $25,000 $30,000
Full Stack Developer $18,000 $25,000 $30,000
Algorithm Engineer $25,000 $30,000 $35,000
SAP Analyst $25,000 $30,000 $35,000
© Morgan McKinley 2020
Job Title Low Average High
SAP Consultant $30,000 $35,000 $50,000
SAP Supply Chain $30,000 $35,000 $45,000
UX Manager $30,000 $40,000 $50,000
Application Support .NET $25,000 $30,000 $35,000
Application Support Java $25,000 $30,000 $35,000
Application Support $28,000 $35,000 $40,000
Application Support Team Lead $30,000 $40,000 $50,000
Architect (Infrastructure) $45,000 $55,000 $65,000
Infrastructure Manager $40,000 $55,000 $60,000
Network Administrator $25,000 $30,000 $35,000
Network Engineer $30,000 $45,000 $55,000
Network Security Engineer $35,000 $45,000 $60,000
Systems Engineer $30,000 $35,000 $40,000
Systems Administrator $25,000 $30,000 $35,000
DevOps Engineer $30,000 $35,000 $50,000
Site Reliability Engineer $35,000 $40,000 $45,000
Network Architect $40,000 $50,000 $60,000
IT Director $70,000 $90,000 $120,000
IT Manager $45,000 $55,000 $65,000
IT Operations Manager $45,000 $55,000 $65,000
IT Project Manager $42,000 $55,000 $65,000
SAP Project Manager $45,000 $55,000 $70,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $45,000 $55,000 $65,000
Systems Analyst $30,000 $35,000 $43,000
Systems Implementation $20,000 $27,000 $34,000
27
COMMERCE & INDUSTRY | $ PER MONTH
IT IT
© Morgan McKinley 2020
Job Title Low Average High
IT Graduate $15,000 $20,000 $25,000
IT Manager $35,000 $40,000 $55,000
IT Operations Manager $35,000 $40,000 $55,000
IT Project Manager $35,000 $55,000 $75,000
SAP Project Manager $35,000 $45,000 $65,000
Software Development Manager $40,000 $50,000 $70,000
Solutions Architect $40,000 $55,000 $75,000
Systems Analyst $35,000 $50,000 $60,000
Technical Writer $25,000 $35,000 $50,000
IT Permanent Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
.Net Architect $40,000 $50,000 $70,000
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $20,000 $30,000 $38,000
Android Developer $22,000 $30,000 $38,000
Automation Tester $15,000 $25,000 $33,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $20,000 $28,000 $33,000
Analytics Manager $33,000 $38,000 $50,000
Data Engineer $25,000 $33,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $27,000 $33,000 $45,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $25,000 $30,000 $40,000
Information Architect $40,000 $50,000 $65,000
iOS Developer $20,000 $25,000 $30,000
© Morgan McKinley 2020
Job Title Low Average High
SAP Consultant $30,000 $35,000 $50,000
SAP Supply Chain $30,000 $35,000 $45,000
UX Manager $30,000 $40,000 $50,000
Application Support .NET $25,000 $30,000 $35,000
Application Support Java $25,000 $30,000 $35,000
Application Support $28,000 $35,000 $40,000
Application Support Team Lead $30,000 $40,000 $50,000
Architect (Infrastructure) $45,000 $55,000 $65,000
Infrastructure Manager $40,000 $55,000 $60,000
Network Administrator $25,000 $30,000 $35,000
Network Engineer $30,000 $45,000 $55,000
Network Security Engineer $35,000 $45,000 $60,000
Systems Engineer $30,000 $35,000 $40,000
Systems Administrator $25,000 $30,000 $35,000
DevOps Engineer $30,000 $35,000 $50,000
Site Reliability Engineer $35,000 $40,000 $45,000
Network Architect $40,000 $50,000 $60,000
IT Director $70,000 $90,000 $120,000
IT Manager $45,000 $55,000 $65,000
IT Operations Manager $45,000 $55,000 $65,000
IT Project Manager $42,000 $55,000 $65,000
SAP Project Manager $45,000 $55,000 $70,000
Software Development Manager $40,000 $50,000 $65,000
Solutions Architect $45,000 $55,000 $65,000
Systems Analyst $30,000 $35,000 $43,000
Systems Implementation $20,000 $27,000 $34,000
28
FINANCIAL SERVICES | $ PER MONTH
IT IT
© Morgan McKinley 2020
IT Permanent Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $25,000 $30,000 $35,000
Android Developer $20,000 $25,000 $30,000
Automation Tester $20,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $23,000 $28,000 $35,000
Analytics Manager $35,000 $40,000 $50,000
Data Engineer $28,000 $35,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $20,000 $25,000 $30,000
iOS Developer $25,000 $25,000 $30,000
Java Architect $50,000 $55,000 $60,000
Java Developer $25,000 $30,000 $35,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $20,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $20,000 $22,000 $25,000
QA Engineer Automation $20,000 $22,000 $25,000
QA Manager (IT) $40,000 $45,000 $50,000
Quality Engineer (IT) $20,000 $22,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $35,000
29
FINANCIAL SERVICES | $ PER MONTH
IT IT
© Morgan McKinley 2020
IT Permanent Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $25,000 $30,000 $35,000
Android Developer $20,000 $25,000 $30,000
Automation Tester $20,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $23,000 $28,000 $35,000
Analytics Manager $35,000 $40,000 $50,000
Data Engineer $28,000 $35,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $20,000 $25,000 $30,000
iOS Developer $25,000 $25,000 $30,000
Java Architect $50,000 $55,000 $60,000
Java Developer $25,000 $30,000 $35,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $20,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $20,000 $22,000 $25,000
QA Engineer Automation $20,000 $22,000 $25,000
QA Manager (IT) $40,000 $45,000 $50,000
Quality Engineer (IT) $20,000 $22,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $35,000
© Morgan McKinley 2020
IT Permanent Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $25,000 $30,000 $35,000
Android Developer $20,000 $25,000 $30,000
Automation Tester $20,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $23,000 $28,000 $35,000
Analytics Manager $35,000 $40,000 $50,000
Data Engineer $28,000 $35,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $20,000 $25,000 $30,000
iOS Developer $25,000 $25,000 $30,000
Java Architect $50,000 $55,000 $60,000
Java Developer $25,000 $30,000 $35,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $20,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $20,000 $22,000 $25,000
QA Engineer Automation $20,000 $22,000 $25,000
QA Manager (IT) $40,000 $45,000 $50,000
Quality Engineer (IT) $20,000 $22,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $35,000
© Morgan McKinley 2020
Job Title Low Average High
Ruby on Rails Developer $30,000 $35,000 $40,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $20,000 $25,000 $30,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $20,000 $25,000 $30,000
Test Engineer $20,000 $25,000 $30,000
Test Manager $40,000 $50,000 $70,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $25,000
UI or GUI Developer $20,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $25,000 $30,000 $35,000
Full Stack Developer $25,000 $30,000 $35,000
Algorithm Engineer $40,000 $50,000 $70,000
UX Manager $50,000 $65,000 $80,000
Application Support $40,000 $55,000 $90,000
Application Support Team Lead $60,000 $80,000 $120,000
Architect (Infrastructure) $70,000 $75,000 $90,000
Desktop Engineer $35,000 $35,000 $40,000
Infrastructure Manager $60,000 $70,000 $75,000
Network Administrator $30,000 $35,000 $40,000
Network Engineer $40,000 $50,000 $60,000
Network Security Engineer $45,000 $50,000 $60,000
Systems Engineer $35,000 $40,000 $45,000
Systems Administrator $30,000 $35,000 $45,000
DevOps Engineer $35,000 $40,000 $70,000
Network Architect (CCIE) $60,000 $75,000 $90,000
IT Graduate $16,000 $18,000 $25,000
30
FINANCIAL SERVICES | $ PER MONTH
IT IT
© Morgan McKinley 2020
IT Permanent Salaries in Financial Services ($ Per Month)
Job Title Low Average High
.Net Developer $25,000 $30,000 $40,000
Analyst Programmer $25,000 $30,000 $35,000
Android Developer $20,000 $25,000 $30,000
Automation Tester $20,000 $25,000 $30,000
Business Intelligence Developer $20,000 $25,000 $30,000
Data Analyst $23,000 $28,000 $35,000
Analytics Manager $35,000 $40,000 $50,000
Data Engineer $28,000 $35,000 $40,000
Data Scientist $30,000 $38,000 $45,000
C# Developer $25,000 $30,000 $40,000
C++ Developer $25,000 $30,000 $40,000
Front End Developer $20,000 $25,000 $30,000
iOS Developer $25,000 $25,000 $30,000
Java Architect $50,000 $55,000 $60,000
Java Developer $25,000 $30,000 $35,000
Java Development Lead $35,000 $40,000 $50,000
JavaScript Developer $20,000 $25,000 $30,000
Localisation Project Manager $25,000 $30,000 $35,000
Mobile Developer $20,000 $25,000 $30,000
PHP Developer $20,000 $25,000 $30,000
Python Developer $25,000 $30,000 $35,000
QA Engineer $20,000 $22,000 $25,000
QA Engineer Automation $20,000 $22,000 $25,000
QA Manager (IT) $40,000 $45,000 $50,000
Quality Engineer (IT) $20,000 $22,000 $25,000
RPG Analyst / Developer $20,000 $30,000 $35,000
© Morgan McKinley 2020
Job Title Low Average High
Ruby on Rails Developer $30,000 $35,000 $40,000
Software Development Team Lead $40,000 $50,000 $60,000
Software Tester $20,000 $25,000 $30,000
Technical Architect $40,000 $50,000 $60,000
Test Analyst $20,000 $25,000 $30,000
Test Engineer $20,000 $25,000 $30,000
Test Manager $40,000 $50,000 $70,000
Test Team Lead $30,000 $35,000 $40,000
UAT Tester $15,000 $20,000 $25,000
UI or GUI Developer $20,000 $25,000 $30,000
UX Designer $20,000 $30,000 $40,000
Web Developer $25,000 $30,000 $35,000
Full Stack Developer $25,000 $30,000 $35,000
Algorithm Engineer $40,000 $50,000 $70,000
UX Manager $50,000 $65,000 $80,000
Application Support $40,000 $55,000 $90,000
Application Support Team Lead $60,000 $80,000 $120,000
Architect (Infrastructure) $70,000 $75,000 $90,000
Desktop Engineer $35,000 $35,000 $40,000
Infrastructure Manager $60,000 $70,000 $75,000
Network Administrator $30,000 $35,000 $40,000
Network Engineer $40,000 $50,000 $60,000
Network Security Engineer $45,000 $50,000 $60,000
Systems Engineer $35,000 $40,000 $45,000
Systems Administrator $30,000 $35,000 $45,000
DevOps Engineer $35,000 $40,000 $70,000
Network Architect (CCIE) $60,000 $75,000 $90,000
IT Graduate $16,000 $18,000 $25,000
© Morgan McKinley 2020
Job Title Low Average High
IT Manager $45,000 $50,000 $65,000
IT Operations Manager $40,000 $50,000 $65,000
IT Project Manager $45,000 $50,000 $65,000
Software Development Manager $50,000 $50,000 $70,000
Solutions Architect $60,000 $70,000 $80,000
Systems Analyst $35,000 $45,000 $55,000
Systems Implementation $30,000 $38,000 $45,000
The demand for IT professionals in Hong Kong has been high all year round, especially for contract roles.
Finding the best jobs in the market
In 2019, many companies have invested a great sum of money to transform their systems into digitalplatforms. Therefore the demand for employees with the necessary IT skills to manage these new systemshas been high. There has also been a lot more focus on essential soft skills such as good communicationskills, stakeholder engagement skills and presentation skills in candidates.
The experience of hiring managers in 2019
Generally, it was quite a difficult year for hiring managers. With a limited talent pool, they faced challengesin finding the most suitable candidates and the best talent was usually deciding between multiple offers atany one time. This situation ultimately drove up the market’s salaries and earnings substantially.
Top IT jobs advertised in the industry
The following positions were in high demand throughout the year:
Java Developers, .Net Developer, and Technical Business AnalystData Engineers/ Scientist, Data Analysts, and Analytics ManagersCloud and Security talentsAgile Coach, Digital Transformation and Product Managers
These roles were in high demand because of a competitive talent pool in Hong Kong, coupled with a gap inmid-level candidates (professionals who have between 4 to 7 years relevant experience) in the market.Adding to that is the continual transformation of legacy to new systems/ platforms in traditional businessesand the increasing number of new players in the emerging tech market; which resulted in a highlycandidate-driven market in 2019.
For data-related roles, there is a need for mid-level to senior candidates who are technically hands-on inPython, Big Data and Cloud who also have the ability to help the organisation improve by leveraging ondata.
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Generally, the activities in the accounting and finance sector were observed to have slowed down a bit in 2019. This trend has been attributed to politics and the fluctuating economy.
Regarding recruitment, hiring managers in the accounting and finance sectors were mostly in search of candidates who have specialised skills. Proficiencies such as expertise in IT auditing and internal auditing have been in high recruitment demand.
General trends in recruitment
There was an apparent reduction in the number of jobs available this year. Our statistics indicated that the number of related job opportunities dropped by 20%. However, our reports showed an increment between 5% - 10% in the number of accounting and finance candidates who were looking for new jobs.
Based on the data, we can infer that there was a tough struggle in the job market for the positions advertised to eligible candidates whose numbers exceeded the available jobs. In 2019, many candidates realised the need to improve their skill sets to make their resumes more attractive to hiring managers.
Senior level candidates were especially affected by the decline in the number of jobs this year. Specifically, we observed that there were fewer jobs for them.
How has the year been for hiring managers?
The year 2019 will be remembered by hiring managers as a period of consistent struggle to find the best candidates for the job positions in high demand. It was quite difficult for hiring managers to find candidates to perform duties such as IT and internal auditing.
In 2019, the top three roles that were always in demand in Hong Kong are as follows:
• Finance Manager• FP&A Manager, Internal Audit Manager• Senior Financial Analyst
We identified a few factors for the increase in demand for candidates who could proficiently handle the roles mentioned above.One of which would be the fact that many companies have accepted the need to form strategic partnerships. As expected, partnerships are carefully managed with proper auditing to ensure that all stakeholders benefit from the corporate alliance.
Also, regulatory agencies have intensified their activities to ensure that the companies in the sector adopt and adhere to the rules that define the best corporate governance practices, in particular finance management. Subsequently, the hiring managers have a higher demand for professionals to handle roles associated with corporate governance in their companies.
Changes in remuneration for eligible candidates
More employees in Hong Kong made the decision to switch jobs this year. The reasons for switching jobs vary, however, many employees made this decision to earn a higher salary.
Employees who switched jobs can earn between 10% - 15% higher than their previous salaries. Amongst all, candidates with qualifications in internal audit and FP & A stood a higher chance of securing high paying jobs in 2019.
The political situation in Hong Kong
The changing trends in politics have compelled many companies to assume a conservative perspective regarding the recruitment of employees.
Implementation of strategies to retain the best talent
Given the political environment, many companies in Hong Kong are now more keen on retaining their employees, which is much easier than recruiting new talent. To encourage employees to stay with the company, better working conditions have been implemented.
Employees’ needs are identified through close communication between executives and employees. The employers are more focused on making positive changes in the company culture and introducing strategies to help employees achieve long-term career goals.Also, senior staff in companies are offered shares in stocks to encourage them to stay with the company. This is a new angle, which is different from the old methods of offering monetary incentives.
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Flexible working hours
In addition, more companies in Hong Kong have introduced flexible working hours to enable employees to find a work-life balance that can help them become more productive in the workplace.
The impact of technology on the industry
Although we do not see significant impact of technology in the industry this year, it is expected that in the near future we will see new AI-based systems being introduced to handle a majority of the transactional accounting tasks.
Outlook for 2020
The current trends indicate that the accounting and finance sector may remain stagnant or slightly decline at the start of the year 2020.
Candidates with proficiency in areas such as people management and presentations will have an advantage. We would advise job seekers to equip themselves better in these areas to increase their level of competitiveness. They can also consider getting personalised advice from professionals in reputable recruitment agencies.
While job seekers are seen to have a greater concern over their long-term career development plan, hiring managers can increase their chances of attracting and retaining the best candidates by creating job offers in line with helping candidates achieve their long-term career plans.
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COMMERCE & INDUSTRY | $ PER MONTH
ACCOUNTING & FINANCE
© Morgan McKinley 2020
HONG KONG - 2020 ACCOUNTING & FINANCE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Accounting and Finance professionals in Hong Kong
HONG KONG
Accounting & Finance Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
Accountancy Graduate $13,000 $14,000 $20,000
Accounts Assistant $13,000 $15,000 $18,000
Accounts Payable Specialist $17,000 $20,000 $25,000
Accounts Receivable Specialist $17,000 $20,000 $25,000
Credit Controller $28,000 $40,000 $50,000
Credit Manager $35,000 $45,000 $60,000
Payroll Manager $45,000 $50,000 $60,000
Financial Accounting Manager $45,000 $60,000 $70,000
Financial Controller $70,000 $85,000 $100,000
Financial Director $90,000 $110,000 $130,000
Chief Financial Officer $120,000 $150,000 $200,000
Financial Planning and Analysis Manager $50,000 $60,000 $80,000
Financial Planning and Analysis Director $90,000 $100,000 $120,000
Management Reporting Manager $50,000 $60,000 $70,000
Group Reporting Manager $50,000 $55,000 $65,000
Director - Financial Reporting $80,000 $90,000 $110,000
Financial Analyst $30,000 $37,000 $45,000
Senior Finance Analyst $40,000 $48,000 $55,000
Finance Manager $50,000 $60,000 $80,000
Finance Business Partner $40,000 $50,000 $60,000
Commercial Analyst $28,000 $35,000 $40,000
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© Morgan McKinley 2020
HONG KONG - 2020 ACCOUNTING & FINANCE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Accounting and Finance professionals in Hong Kong
HONG KONG
Accounting & Finance Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
Accountancy Graduate $13,000 $14,000 $20,000
Accounts Assistant $13,000 $15,000 $18,000
Accounts Payable Specialist $17,000 $20,000 $25,000
Accounts Receivable Specialist $17,000 $20,000 $25,000
Credit Controller $28,000 $40,000 $50,000
Credit Manager $35,000 $45,000 $60,000
Payroll Manager $45,000 $50,000 $60,000
Financial Accounting Manager $45,000 $60,000 $70,000
Financial Controller $70,000 $85,000 $100,000
Financial Director $90,000 $110,000 $130,000
Chief Financial Officer $120,000 $150,000 $200,000
Financial Planning and Analysis Manager $50,000 $60,000 $80,000
Financial Planning and Analysis Director $90,000 $100,000 $120,000
Management Reporting Manager $50,000 $60,000 $70,000
Group Reporting Manager $50,000 $55,000 $65,000
Director - Financial Reporting $80,000 $90,000 $110,000
Financial Analyst $30,000 $37,000 $45,000
Senior Finance Analyst $40,000 $48,000 $55,000
Finance Manager $50,000 $60,000 $80,000
Finance Business Partner $40,000 $50,000 $60,000
Commercial Analyst $28,000 $35,000 $40,000
© Morgan McKinley 2020
HONG KONG - 2020 ACCOUNTING & FINANCE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Accounting and Finance professionals in Hong Kong
HONG KONG
Accounting & Finance Salaries in Commerce & Industry ($ Per Month)
Job Title Low Average High
Accountancy Graduate $13,000 $14,000 $20,000
Accounts Assistant $13,000 $15,000 $18,000
Accounts Payable Specialist $17,000 $20,000 $25,000
Accounts Receivable Specialist $17,000 $20,000 $25,000
Credit Controller $28,000 $40,000 $50,000
Credit Manager $35,000 $45,000 $60,000
Payroll Manager $45,000 $50,000 $60,000
Financial Accounting Manager $45,000 $60,000 $70,000
Financial Controller $70,000 $85,000 $100,000
Financial Director $90,000 $110,000 $130,000
Chief Financial Officer $120,000 $150,000 $200,000
Financial Planning and Analysis Manager $50,000 $60,000 $80,000
Financial Planning and Analysis Director $90,000 $100,000 $120,000
Management Reporting Manager $50,000 $60,000 $70,000
Group Reporting Manager $50,000 $55,000 $65,000
Director - Financial Reporting $80,000 $90,000 $110,000
Financial Analyst $30,000 $37,000 $45,000
Senior Finance Analyst $40,000 $48,000 $55,000
Finance Manager $50,000 $60,000 $80,000
Finance Business Partner $40,000 $50,000 $60,000
Commercial Analyst $28,000 $35,000 $40,000
© Morgan McKinley 2020
Job Title Low Average High
Cost Accountant $28,000 $35,000 $40,000
Financial Accountant / Group Financial Accountant / GLAccountant
$30,000 $35,000 $45,000
Management Accountant $30,000 $37,000 $45,000
Project Accountant $30,000 $35,000 $45,000
Revenue Accountant $30,000 $35,000 $45,000
Systems Accountant $40,000 $48,000 $55,000
Accounting & Finance Salaries in Financial Services ($ Per Month)
Job Title Low Average High
Financial Accounting Manager $50,000 $70,000 $100,000
Financial Controller $75,000 $120,000 $180,000
Financial Director $100,000 $150,000 $200,000
Financial Planning and Analysis Director $100,000 $150,000 $200,000
Chief Financial Officer $150,000 $180,000 $250,000
Management Reporting Manager $50,000 $70,000 $100,000
Group Reporting Manager $75,000 $120,000 $180,000
SSC Director $100,000 $150,000 $200,000
Director - Financial Reporting $100,000 $150,000 $200,000
Vice President - Financial Reporting $80,000 $120,000 $150,000
Vice President - Regulatory Policy $80,000 $120,000 $150,000
Vice President - Regulatory Reporting $80,000 $120,000 $150,000
Finance Manager $75,000 $120,000 $180,000
Financial Planning and Analysis Manager $75,000 $120,000 $180,000
Financial Accounting Manager $75,000 $120,000 $180,000
Expense Accountant $28,000 $35,000 $50,000
Finance Business Partner $50,000 $70,000 $100,000
Financial Accountant / Group Financial Accountant / GLAccountant
$28,000 $40,000 $80,000
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Job Title Low Average High
Cost Accountant $28,000 $35,000 $40,000
Financial Accountant / Group Financial Accountant / GLAccountant
$30,000 $35,000 $45,000
Management Accountant $30,000 $37,000 $45,000
Project Accountant $30,000 $35,000 $45,000
Revenue Accountant $30,000 $35,000 $45,000
Systems Accountant $40,000 $48,000 $55,000
Accounting & Finance Salaries in Financial Services ($ Per Month)
Job Title Low Average High
Financial Accounting Manager $50,000 $70,000 $100,000
Financial Controller $75,000 $120,000 $180,000
Financial Director $100,000 $150,000 $200,000
Financial Planning and Analysis Director $100,000 $150,000 $200,000
Chief Financial Officer $150,000 $180,000 $250,000
Management Reporting Manager $50,000 $70,000 $100,000
Group Reporting Manager $75,000 $120,000 $180,000
SSC Director $100,000 $150,000 $200,000
Director - Financial Reporting $100,000 $150,000 $200,000
Vice President - Financial Reporting $80,000 $120,000 $150,000
Vice President - Regulatory Policy $80,000 $120,000 $150,000
Vice President - Regulatory Reporting $80,000 $120,000 $150,000
Finance Manager $75,000 $120,000 $180,000
Financial Planning and Analysis Manager $75,000 $120,000 $180,000
Financial Accounting Manager $75,000 $120,000 $180,000
Expense Accountant $28,000 $35,000 $50,000
Finance Business Partner $50,000 $70,000 $100,000
Financial Accountant / Group Financial Accountant / GLAccountant
$28,000 $40,000 $80,000
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© Morgan McKinley 2020
Job Title Low Average High
Cost Accountant $28,000 $35,000 $40,000
Financial Accountant / Group Financial Accountant / GLAccountant
$30,000 $35,000 $45,000
Management Accountant $30,000 $37,000 $45,000
Project Accountant $30,000 $35,000 $45,000
Revenue Accountant $30,000 $35,000 $45,000
Systems Accountant $40,000 $48,000 $55,000
Accounting & Finance Salaries in Financial Services ($ Per Month)
Job Title Low Average High
Financial Accounting Manager $50,000 $70,000 $100,000
Financial Controller $75,000 $120,000 $180,000
Financial Director $100,000 $150,000 $200,000
Financial Planning and Analysis Director $100,000 $150,000 $200,000
Chief Financial Officer $150,000 $180,000 $250,000
Management Reporting Manager $50,000 $70,000 $100,000
Group Reporting Manager $75,000 $120,000 $180,000
SSC Director $100,000 $150,000 $200,000
Director - Financial Reporting $100,000 $150,000 $200,000
Vice President - Financial Reporting $80,000 $120,000 $150,000
Vice President - Regulatory Policy $80,000 $120,000 $150,000
Vice President - Regulatory Reporting $80,000 $120,000 $150,000
Finance Manager $75,000 $120,000 $180,000
Financial Planning and Analysis Manager $75,000 $120,000 $180,000
Financial Accounting Manager $75,000 $120,000 $180,000
Expense Accountant $28,000 $35,000 $50,000
Finance Business Partner $50,000 $70,000 $100,000
Financial Accountant / Group Financial Accountant / GLAccountant
$28,000 $40,000 $80,000
© Morgan McKinley 2020
Job Title Low Average High
Financial Analyst $35,000 $45,000 $80,000
Fund Accountant $35,000 $45,000 $80,000
Management Accountant $35,000 $45,000 $80,000
Product Controller $35,000 $70,000 $120,000
Project Accountant $35,000 $70,000 $120,000
Revenue Accountant $35,000 $70,000 $120,000
Systems Accountant $35,000 $70,000 $120,000
Senior Finance Analyst $50,000 $75,000 $120,000
Finance Analyst $35,000 $45,000 $80,000
Audit Salaries ($ Per Month)
Job Title Low Average High
Audit Partner $150,000 $180,000 $200,000
Audit Assistant Manager $45,000 $50,000 $55,000
Audit Director $100,000 $110,000 $120,000
Audit Manager $50,000 $60,000 $70,000
Audit Semi Senior $30,000 $35,000 $38,000
Audit Senior $37,000 $38,000 $50,000
Audit Senior Manager $70,000 $80,000 $100,000
Audit Trainee $13,000 $13,000 $16,000
Forensic Manager $50,000 $60,000 $70,000
Head of Internal Audit $100,000 $150,000 $200,000
Internal Audit Manager $55,000 $110,000 $70,000
Internal Auditor $35,000 $40,000 $45,000
Taking a look at recruitment in the accounting and finance sector in Hong
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AUDIT | $ PER MONTH
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© Morgan McKinley 2020
Job Title Low Average High
Financial Analyst $35,000 $45,000 $80,000
Fund Accountant $35,000 $45,000 $80,000
Management Accountant $35,000 $45,000 $80,000
Product Controller $35,000 $70,000 $120,000
Project Accountant $35,000 $70,000 $120,000
Revenue Accountant $35,000 $70,000 $120,000
Systems Accountant $35,000 $70,000 $120,000
Senior Finance Analyst $50,000 $75,000 $120,000
Finance Analyst $35,000 $45,000 $80,000
Audit Salaries ($ Per Month)
Job Title Low Average High
Audit Partner $150,000 $180,000 $200,000
Audit Assistant Manager $45,000 $50,000 $55,000
Audit Director $100,000 $110,000 $120,000
Audit Manager $50,000 $60,000 $70,000
Audit Semi Senior $30,000 $35,000 $38,000
Audit Senior $37,000 $38,000 $50,000
Audit Senior Manager $70,000 $80,000 $100,000
Audit Trainee $13,000 $13,000 $16,000
Forensic Manager $50,000 $60,000 $70,000
Head of Internal Audit $100,000 $150,000 $200,000
Internal Audit Manager $55,000 $110,000 $70,000
Internal Auditor $35,000 $40,000 $45,000
Taking a look at recruitment in the accounting and finance sector in Hong
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Salary Guide 2020HR
40
In 2019, we witnessed a consistency in the demand for HR professionals in the non-FI (financial institutions) industries, such as FMCG and commerce sectors, but there was a slowdown in the hiring within FI industries.
What does this mean for jobseekers?
The downturn in the FI sector recruitment has probably compelled more HR professionals to seek opportunities elsewhere. Many candidates we came across were actively looking to move into the commerce sector.
However, leaving the FI sector came at a cost. Given that most of the HR skills are transferable, hiring managers from the commerce companies were willing to absorb the candidates from FI industries. Yet, salary packages for HR professionals in non-FI companies were significantly less attractive than what they were offered in the FI industry. Employers in the non-FI sector were usually quite firm with their budget, leaving less provision for salary negotiation. Candidates considering to cross into the commerce industry would have to be prepared for a reduction in salary.
HR professionals in the job market were mostly hired for the following permanent job positions in 2019:
• Employee Engagement/Rewards (3+ years of experience)
• HRM (Generalist)• Compensation & Benefits (manager level)• HR Executive (less than 5 years of experience)• HRIS Manager (5+ years of experience)
Throughout the year, we have also seen an increase in the demand for contract HR roles. We are expecting the trend to continue in 2020. Meanwhile, the most popular contract job positions in 2019 were as follows;
• HR Generalist Support/Executive/Officer• L&D Specialist• Training Coordinator• HR Operation Specialist
Skill requirements for jobseekers in 2019
Our clients were generally in favour of candidates who were flexible in the work they do and with transferable skill sets, like HRMs and HRBPs who could take on strategies to improve employee engagement. HR professionals in demand would be those willing to involve actively in entrepreneurial decisions and contribute during business meetings with C-levels in addition to performing the operational tasks.
In terms of language ability, hiring managers continued to show a preference in candidates who are bilingual, especially those who can communicate effectively in both Cantonese and Mandarin for roles like HRM and HRBP. Some of them have even made fluency in these two languages compulsory for job applicants. Nevertheless, candidates who had work exposure and experience in Greater China were having an advantage in securing a job.
Workplace trends in 2019
Women are still dominating the HR job sector in Hong Kong. However, in 2019, we saw an increase in the number of male HR professionals taking up roles related to HRIS, C&B and employee engagement.
Impact of political issues on the industry
With the political environment remaining largely uncertain throughout the year, we have been facing abrupt changes in HR recruitment. It was not uncommon for us to handle cases where hiring for a specific position was put on-hold indefinitely after a few weeks of recruitment. Some clients changed to request for contract staff instead of permanent roles. We are expecting this to remain moving into 2020.
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How technology changed the demand for HR professionals in 2019
Many businesses realised the benefits of incorporating digital marketing to build their reputation as an employer brand. This awareness led to a demand for HR professionals who could effectively work with respective teams (like marketing) to lead and implement digital marketing strategies during projects.
The outlook for 2020
In 2020, we foresee a continuous drive in the demand for contract HR, and these contractors would be expected to perform multiple tasks. It is likely that many employers would take a more conservative approach in recruitment under the unstable political situation.
Advice for hiring managers and job seekers in 2020
Next year, we believe that it will be advisable for hiring managers to be diligent in recruitment processes. Employers should try to limit the number of agencies they use at the same time to one or two, to avoid being perceived too desperate in hiring. The company’s reputation can suffer if such rumours become public. Candidates might also be more concerned in the vacancy, as high turnover is always the top concern for HR job seekers.
On the other hand, we advise job seekers to be open-minded when applying for jobs, because the job market is quite volatile and unguaranteed. It is best to confirm next employment before resigning from the current job, since that often increases the applicants’ negotiation power for a better offer/ package in their potential new job.
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HR | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 HR SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for HR professionals in Hong Kong
HONG KONG
HR Salaries ($ Per Month)
Job Title Low Average High
Regional HR Director (15+ years of experience) $100,000 $180,000 $200,000
Regional HR Director (10+ years of experience) $80,000 $100,000 $130,000
HR Director/Head of HR (8+ years of experience) $80,000 $100,000 $120,000
HR Director/Head of HR (<8 years of experience) $70,000 $100,000 $120,000
Regional HR Manager/HRBP $80,000 $100,000 $120,000
HR Manager/HRBP (8+ years of experience) $60,000 $80,000 $100,000
HR Manager/HRBP (5+ years of experience) $40,000 $45,000 $55,000
Asssistant HR Manager $25,000 $30,000 $40,000
Regional Talent Acquisition Director $70,000 $90,000 $100,000
Regional Talent Acqusition Manager $45,000 $60,000 $70,000
Senior HR Executive $25,000 $30,000 $40,000
HR Executive $18,000 $25,000 $30,000
Talent Acquisition Manager $45,000 $50,000 $60,000
Talent Acquisition Specialist $30,000 $40,000 $45,000
Talent Acquisition Coordinator $18,000 $25,000 $30,000
Regional Learning and Development Director $75,000 $100,000 $130,000
Regionsl Learning and Development Manager $60,000 $70,000 $80,000
Learning and Development Manager $40,000 $50,000 $65,000
Learning and Development Specialist $20,000 $25,000 $30,000
Regional Compensation and Benefits Director $80,000 $110,000 $150,000
Regional Compensation and Benefits Manager $60,000 $70,000 $80,000
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HR | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 HR SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for HR professionals in Hong Kong
HONG KONG
HR Salaries ($ Per Month)
Job Title Low Average High
Regional HR Director (15+ years of experience) $100,000 $180,000 $200,000
Regional HR Director (10+ years of experience) $80,000 $100,000 $130,000
HR Director/Head of HR (8+ years of experience) $80,000 $100,000 $120,000
HR Director/Head of HR (<8 years of experience) $70,000 $100,000 $120,000
Regional HR Manager/HRBP $80,000 $100,000 $120,000
HR Manager/HRBP (8+ years of experience) $60,000 $80,000 $100,000
HR Manager/HRBP (5+ years of experience) $40,000 $45,000 $55,000
Asssistant HR Manager $25,000 $30,000 $40,000
Regional Talent Acquisition Director $70,000 $90,000 $100,000
Regional Talent Acqusition Manager $45,000 $60,000 $70,000
Senior HR Executive $25,000 $30,000 $40,000
HR Executive $18,000 $25,000 $30,000
Talent Acquisition Manager $45,000 $50,000 $60,000
Talent Acquisition Specialist $30,000 $40,000 $45,000
Talent Acquisition Coordinator $18,000 $25,000 $30,000
Regional Learning and Development Director $75,000 $100,000 $130,000
Regionsl Learning and Development Manager $60,000 $70,000 $80,000
Learning and Development Manager $40,000 $50,000 $65,000
Learning and Development Specialist $20,000 $25,000 $30,000
Regional Compensation and Benefits Director $80,000 $110,000 $150,000
Regional Compensation and Benefits Manager $60,000 $70,000 $80,000
HR
© Morgan McKinley 2020
HONG KONG - 2020 HR SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for HR professionals in Hong Kong
HONG KONG
HR Salaries ($ Per Month)
Job Title Low Average High
Regional HR Director (15+ years of experience) $100,000 $180,000 $200,000
Regional HR Director (10+ years of experience) $80,000 $100,000 $130,000
HR Director/Head of HR (8+ years of experience) $80,000 $100,000 $120,000
HR Director/Head of HR (<8 years of experience) $70,000 $100,000 $120,000
Regional HR Manager/HRBP $80,000 $100,000 $120,000
HR Manager/HRBP (8+ years of experience) $60,000 $80,000 $100,000
HR Manager/HRBP (5+ years of experience) $40,000 $45,000 $55,000
Asssistant HR Manager $25,000 $30,000 $40,000
Regional Talent Acquisition Director $70,000 $90,000 $100,000
Regional Talent Acqusition Manager $45,000 $60,000 $70,000
Senior HR Executive $25,000 $30,000 $40,000
HR Executive $18,000 $25,000 $30,000
Talent Acquisition Manager $45,000 $50,000 $60,000
Talent Acquisition Specialist $30,000 $40,000 $45,000
Talent Acquisition Coordinator $18,000 $25,000 $30,000
Regional Learning and Development Director $75,000 $100,000 $130,000
Regionsl Learning and Development Manager $60,000 $70,000 $80,000
Learning and Development Manager $40,000 $50,000 $65,000
Learning and Development Specialist $20,000 $25,000 $30,000
Regional Compensation and Benefits Director $80,000 $110,000 $150,000
Regional Compensation and Benefits Manager $60,000 $70,000 $80,000
© Morgan McKinley 2020
Job Title Low Average High
Compensation and Benefits Manager $40,000 $50,000 $60,000
Compensation and Benefits Specialist $25,000 $30,000 $35,000
HRIS Manager $40,000 $50,000 $60,000
HRIS Specialist $18,000 $25,000 $30,000
Payroll Manager $40,000 $50,000 $60,000
Payroll Specialist $18,000 $25,000 $28,000
Employee Engagement Manager $40,000 $55,000 $65,000
Employee Engagement Specialist $25,000 $35,000 $40,000
In 2019, we witnessed a consistency in the demand for HR professionals in the non-FI (financialinstitutions) industries, such as FMCG and commerce sectors, but there was a slowdown in the hiringwithin FI industries.
What does this mean for jobseekers?
The downturn in the FI sector recruitment has probably compelled more HR professionals to seekopportunities elsewhere. Many candidates we came across were actively looking to move into thecommerce sector.
However, leaving the FI sector came at a cost. Given that most of the HR skills are transferable, hiringmanagers from the commerce companies were willing to absorb the candidates from FI industries. Yet,salary packages for HR professionals in non-FI companies were significantly less attractive than what theywere offered in the FI industry. Employers in the non-FI sector were usually quite firm with their budget,leaving less provision for salary negotiation. Candidates considering to cross into the commerce industrywould have to be prepared for a reduction in salary.
HR professionals in the job market were mostly hired for the following permanent job positions in 2019:
Employee Engagement/Rewards (3+ years of experience)HRM (Generalist)Compensation & Benefits (manager level)HR Executive (less than 5 years of experience)HRIS Manager (5+ years of experience)
Throughout the year, we have also seen an increase in the demand for contract HR roles. We areexpecting the trend to continue in 2020. Meanwhile, the most popular contract job positions in 2019 wereas follows;
HR Generalist Support/Executive/OfficerL&D SpecialistTraining CoordinatorHR Operation Specialist
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Salary Guide 2020RISK MANAGEMENT
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Despite the political unrest since mid year, there has been an increasing demand for risk talent, especially in the credit risks, operations risk and market risk fields. The demand has mainly come from the newly set-up virtual banks, fintech companies and insurers.
But at the same time, we noticed that over the past year candidates have become a lot more conscious when considering a job move. Consequently, it has become difficult for companies to find competent risk managers because the candidates were generally unlikely to leave their current jobs.
Top jobs in the risk management field
Below are the most popular job openings in 2019 in the area of risk management:
• Operational Risk Manager• Investment Risk Manager• Fraud Risk Manager
In 2019, the Insurance Authority, governing body of the sector, implemented a series of new regulations in order to tighten their control over insurers, some of which include changes in regulations over intermediaries. This has driven up the insurance companies’ need for risk management professionals.
Due to the political protests which started in around June 2019, we have seen employers implementing more flexible working measures to tackle the traffic disruption. Employees were allowed greater flexibility in arranging their working location and time.
Marching into 2020, we foresee a continuing increase in the demand for risk management professionals, especially those who are experienced in handling jobs related to forensic and fraud. The introduction of new technology would also bring up the number of related risk management jobs available in the market. More candidates will be needed to handle tasks related to preventing risks on technology-based operating platforms.
Tips for hiring managers in 2020
We would suggest hiring managers to be more open-minded. Instead of only aiming at perfect-matching candidates who are actively seeking to move, try to widen the scope of your searches in the candidate pool and be more flexible in recruitment.
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RISK MANAGEMENT | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 RISK MANAGEMENT SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Risk Management professionals in Hong Kong
HONG KONG
Risk Management Salaries ($ Per Month)
Job Title Low Average High
Head of Risk $130,000 $200,000 $280,000
Risk Manager $50,000 $60,000 $100,000
Market Risk Analyst $25,000 $40,000 $50,000
Head of Market Risk $100,000 $130,000 $200,000
Market Risk Manager $50,000 $60,000 $100,000
Credit Risk Analyst $25,000 $40,000 $50,000
Credit Risk Manager $50,000 $60,000 $80,000
Operational Risk Analyst $25,000 $40,000 $50,000
Operational Risk Manager $50,000 $60,000 $100,000
Business Continuity Manager $6,000 $80,000 $100,000
Quant Analyst $25,000 $40,000 $50,000
Despite the political unrest since mid year, there has been an increasing demand for risk talent, especiallyin the credit risks, operations risk and market risk fields. The demand has mainly come from the newly set-up virtual banks, fintech companies and insurers.
But at the same time, we noticed that over the past year candidates have become a lot more consciouswhen considering a job move. Consequently, it has become difficult for companies to find competent riskmanagers because the candidates were generally unlikely to leave their current jobs.
Top jobs in the risk management field
Below are the most popular job openings in 2019 in the area of risk management:
Operational Risk ManagerInvestment Risk ManagerFraud Risk Manager
In 2019, the Insurance Authority, governing body of the sector, implemented a series of new regulations in
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Salary Guide 2020LEGAL & COMPLIANCE
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The job trends for legal professionals in Hong Kong
In the year 2019, we have seen stronger demand for regulatory compliance professionals from employers and more lawyers showing interest in moving into regulatory functions. We also noticed legal professionals are leveraging regulatory positions as a fast-track stepping stone to attain higher leadership roles.
There has been relatively small impact from the latest political disturbances in the legal field. We still witnessed active recruitment activities in this sector, and the demand for DCM lawyers, regulatory and product legal professionals was especially high.
The top three roles that have been in high demand this year are as follows:
• DCM legal management• Regulatory management• Product advisory roles
These positions are in high demand due to the need for companies to adhere to the regulatory requirements in their different operational fields. Compared to other professionals, lawyers in Hong Kong are predominantly more stable. It is therefore harder for hiring managers to attract and persuade the right talent to move from where they have been. They might have to deploy more creative methods in talent acquisition.
Common workplace trends
In recent years, there has been an increasing number of Chinese investors in Hong Kong. The ability to speak fluent Mandarin and write Chinese has then become an important factor when hiring managers are considering a legal professional candidate.
Starting from June, the protests and disruption in traffic imposed a need for employers to offer flexible working arrangements. Some companies have implemented measures such as home office and flexi-hours, while special arrangements were made to accommodate pregnant female staff.
Predictions for the coming year 2020
It is expected that legal openings will continue to increase. The need to abide by regulatory requirements will motivate more companies to hire legal professionals. We expect professionals specialising in loan, insurance, trade finance, and DCM would be the most-in-need candidates for next year.
On the other hand, with the Fintech industry expanding at a fast pace and virtual companies being established, we will see more job opportunities for legal professionals in the field.
Advice for hiring managers in 2020
Many experienced and trained candidates have shown interest in searching for better jobs overseas and possibly migrating due to the lingering political issues in Hong Kong. It might be a good option for employers to further broaden their existing candidate pool to ensure more options when finding the perfect candidates for their job positions.
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LEGAL | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 LEGAL SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Legal professionals in Hong Kong
HONG KONG
Legal Salaries ($ Per Month)
Job Title Low Average High
General Counsel $150,000 $220,000 $300,000
Head of Legal $150,000 $220,000 $300,000
In-house Solicitor $50,000 $150,000 $200,000
Legal & Compliance Manager / Director $50,000 $150,000 $300,000
Company Secretary $40,000 $70,000 $120,000
Paralegal $25,000 $40,000 $70,000
Contracts Manager $40,000 $70,000 $100,000
The job trends for legal professionals in Hong Kong
In the year 2019, we have seen stronger demand for regulatory compliance professionals from employersand more lawyers showing interest in moving into regulatory functions. We also noticed legal professionalsare leveraging regulatory positions as a fast-track stepping stone to attain higher leadership roles.
There has been relatively small impact from the latest political disturbances in the legal field. We stillwitnessed active recruitment activities in this sector, and the demand for DCM lawyers, regulatory andproduct legal professionals was especially high.
The top three roles that have been in high demand this year are as follows:
DCM legal managementRegulatory managementProduct advisory roles
These positions are in high demand due to the need for companies to adhere to the regulatoryrequirements in their different operational fields. Compared to other professionals, lawyers in Hong Kongare predominantly more stable. It is therefore harder for hiring managers to attract and persuade the righttalent to move from where they have been. They might have to deploy more creative methods in talentacquisition.
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Salary Guide 2020COMPLIANCE
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Recruitment trends for compliance positions
The hiring managers have been quite busy in 2019. This has happened regardless of the disruptive activities in H2 related to the external market trends.
We observed that many of the employers in the finance sector were more interested in hiring contract staff. That includes companies such as banks, brokerage firms and asset management firms. These companies were in search of professionals to take project management positions on a contract basis to cater for remediation and regulatory projects.
In 2019, there was an increase in the need for recruitment from newly set-up Chinese investment firms of small to medium sizes. They are usually able to offer attractive opportunities, such as a clear and promising career roadmap to candidates. Thus, it is not surprising for us to see quality candidates paying more attention to openings in these Chinese financial institutions.
Scarcity of eligible candidates for compliance recruitment positions
The top positions in this industry need candidates with experience in handling queries related to SFC, HKMA, and HKEx. There is also a high demand for candidates who can take on AML and regulatory roles in the industry, despite the political situation in Hong Kong.
For contract compliance recruitment, it has always been a relatively candidate-short market. It is not rare to see competitive candidates who possess the skills in demand, namely experience in handling SFC/HKMA and HKEx queries, compliance advisory and AML, receiving multiple offers at the same time.
Top three jobs
• AML Compliance• Regulatory Compliance/ Regulatory Control• Compliance Advisory
In particular, there was a high demand for candidates who can take on AML and regulatory roles in the industry, regardless of the political situation in Hong Kong. In 2019, there was an increasing demand for the roles mentioned above because of the stringent regulatory requirements. Companies stand the risk of penalties if any of the regulations are flouted. To avoid such situations, employers recruit professionals who can help the company comply with the regulatory requirements.
New skill sets in 2019
One of the proficiencies sought by hiring managers includes the ability to perform onsite inspections during project execution. Professionals who handle these roles are tasked with ensuring that all regulations are acknowledged during the project. Professionals who can perform comprehensive regulatory reporting and candidates with the ACAMS qualification were also in high demand during the year.
In 2019, the wave of political unrest and protests across Hong Kong has been identified as the major reason why only a few job adverts for senior compliance staff were seen in the job market.
Flexible working conditions for employees
The idea of permitting employees to have flexible working conditions is gradually becoming quite popular in Hong Kong. This year, there have been some requests from employers who need candidates that can work remotely with flexible hours.
Remote working opportunities are surely going to be one of the main attractions that can convince the best candidates to accept offers for jobs. While it is not yet a major influence in deciding to accept a job, it is a trend that will become more popular in the year 2020.
Projections for the industry in 2020
The industry is expected to remain active in 2020 due to the regulations that are in place to check the activities of companies and stakeholders. We expect a few changes in the sector due to the use of technology, while the market will be better for companies and employees when the political issues are resolved.
Employers can help their businesses grow by keeping an open mind and finding more strategies to encourage their best employees to stay with the company. They may want to consider offering permanent job positions to eligible candidates, because the best talent is usually more reluctant to accept contract roles.
Candidates can increase their chances of securing their dream jobs by taking advantage of recruitment agencies that understand the hiring trends and needs of the clients. This information can be leveraged to take action, get more qualifications, and better jobs.
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COMPLIANCE | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 COMPLIANCE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Compliance professionals in Hong Kong
HONG KONG
Compliance Salaries ($ Per Month)
Job Title Low Average High
Compliance Advisory $45,000 $60,000 $120,000
Compliance Corporate Finance Advisory $45,000 $60,000 $120,000
Compliance Assistant $20,000 $30,000 $40,000
Compliance Generalist $40,000 $75,000 $120,000
Head of Compliance $130,000 $180,000 $250,000
Compliance Manager (FS) $50,000 $80,000 $130,000
Compliance Monitoring Officer $40,000 $55,000 $75,000
Compliance Officer $25,000 $55,000 $80,000
Compliance Regulatory Officer $25,000 $55,000 $80,000
Compliance Testing and Reviews $25,000 $55,000 $80,000
Compliance DCM Advisory $40,000 $70,000 $150,000
Compliance ECM Advisory $40,000 $70,000 $150,000
Legal Compliance Manager/Director $100,000 $150,000 $200,000
AML Analyst $30,000 $55,000 $75,000
Head of AML $120,000 $160,000 $250,000
AML Manager $40,000 $60,000 $100,000
Investigations Officer $25,000 $35,000 $50,000
Fraud Analyst $35,000 $55,000 $75,000
DMLRO $75,000 $120,000 $180,000
MLRO $100,000 $120,000 $200,000
Finanacial Crime Officer $25,000 $35,000 $50,000
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COMPLIANCE | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 COMPLIANCE SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Compliance professionals in Hong Kong
HONG KONG
Compliance Salaries ($ Per Month)
Job Title Low Average High
Compliance Advisory $45,000 $60,000 $120,000
Compliance Corporate Finance Advisory $45,000 $60,000 $120,000
Compliance Assistant $20,000 $30,000 $40,000
Compliance Generalist $40,000 $75,000 $120,000
Head of Compliance $130,000 $180,000 $250,000
Compliance Manager (FS) $50,000 $80,000 $130,000
Compliance Monitoring Officer $40,000 $55,000 $75,000
Compliance Officer $25,000 $55,000 $80,000
Compliance Regulatory Officer $25,000 $55,000 $80,000
Compliance Testing and Reviews $25,000 $55,000 $80,000
Compliance DCM Advisory $40,000 $70,000 $150,000
Compliance ECM Advisory $40,000 $70,000 $150,000
Legal Compliance Manager/Director $100,000 $150,000 $200,000
AML Analyst $30,000 $55,000 $75,000
Head of AML $120,000 $160,000 $250,000
AML Manager $40,000 $60,000 $100,000
Investigations Officer $25,000 $35,000 $50,000
Fraud Analyst $35,000 $55,000 $75,000
DMLRO $75,000 $120,000 $180,000
MLRO $100,000 $120,000 $200,000
Finanacial Crime Officer $25,000 $35,000 $50,000
COMPLIANCE
© Morgan McKinley 2020
Job Title Low Average High
KYC Analyst $20,000 $30,000 $40,000
Head of KYC $100,000 $120,000 $200,000
KYC Manager $40,000 $80,000 $130,000
Periodic Reviews $40,000 $75,000 $125,000
Recruitment trends for compliance positions
The hiring managers have been quite busy in 2019. This has happened regardless of the disruptiveactivities in H2 related to the external market trends.
We observed that many of the employers in the finance sector were more interested in hiring contractstaff. That includes companies such as banks, brokerage firms and asset management firms. Thesecompanies were in search of professionals to take project management positions on a contract basis tocater for remediation and regulatory projects.
In 2019, there was an increase in the need for recruitment from newly set-up Chinese investment firms ofsmall to medium sizes. They are usually able to offer attractive opportunities, such as a clear andpromising career roadmap to candidates. Thus, it is not surprising for us to see quality candidates payingmore attention to openings in these Chinese financial institutions.
Scarcity of eligible candidates for compliance recruitment positions
The top positions in this industry need candidates with experience in handling queries related to SFC,HKMA, and HKEx. There is also a high demand for candidates who can take on AML and regulatory roles inthe industry, despite the political situation in Hong Kong.
For contract compliance recruitment, it has always been a relatively candidate-short market. It is not rareto see competitive candidates who possess the skills in demand, namely experience in handling SFC/HKMAand HKEx queries, compliance advisory and AML, receiving multiple offers at the same time.
Top three jobs
AML ComplianceRegulatory Compliance/ Regulatory ControlCompliance Advisory
In particular, there was a high demand for candidates who can take on AML and regulatory roles in theindustry, regardless of the political situation in Hong Kong. In 2019, there was an increasing demand forthe roles mentioned above because of the stringent regulatory requirements. Companies stand the risk ofpenalties if any of the regulations are flouted. To avoid such situations, employers recruit professionalswho can help the company comply with the regulatory requirements.
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Salary Guide 2020SALES
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In 2019, while we saw a consistent demand for sales professionals in Hong Kong, mostly coming from Information Technology & Telecommunication (IT&T), fast-moving consumer goods (FMCG) and the manufacturing sectors, there was a downturn in the demand for sales candidates in both general and luxury retail sectors.
Ambitious ‘hunter’ sales representatives, who can constantly identify new clients and convert them to customers, were in high demand throughout the year. Most of the employers were looking to expand the market reach of their brands, and therefore sales professionals who possess the capability to acquire and generate new business are highly sought after. We saw a struggle to hire and retain these talents, especially professionals with a proven track record, as they were quite rare in the market.
Over the year, we also saw an increase in sales talent interested in joining IT companies. Instead of the traditional IT firms, these professionals had a preference towards workplace such as Fintech companies and mobile payment solutions.
Hiring managers were looking for sales professionals with strong experience in key account management and outstanding customer conversion.
In demand roles in 2019
The following were the most popular job openings we saw in the past year:
• New business development managers• Key account management staff• Strategic planning experts
One of the new job qualifications employers started to look for is the candidates’ knowledge in e-Commerce. With more companies now trying to build or develop their online business, job seekers with the ability to use Google Analytics tools and e-Communication tools have been more in demand than their counterparts.
Other qualifications in high demand this year include: proficiency in using social media platforms such as LinkedIn, having adequate market knowledge about specific products and services such as online payment processes and e-Commerce.
Remuneration trends in 2019
It is expected that the salaries of employees in the industry will remain stable for the next year. We are expecting a 3-5% increase in salaries for the market. While candidates could generally go for a 10-20% increase in job moves, those with specialised skills, such as digital analytics and media planning could expect a higher salary increment of around 25%.
Focus on the background of potential employers
Before taking on new job offers, sales candidates tend to study the background of a company in great detail. Hong Kong has traditionally been serving as a commercial hub that supports business between China and the international market. Compared with other professions, local sales professionals have a greater need to understand a company’s origin, headquarter, culture, sales channels, markets and thus the target customers they are responsible for.
The recent political instability has made this concern more of a crucial one for candidates, as they would need to know if the business is likely to be affected by the on-going protests.
How companies are making plans to retain talent
Many companies have started reviewing and improving their workplace culture by trying to implement different policies to encourage their most valuable employees to stay.
With sales being a largely result-driven and non-desk-bound function, most of the candidates welcome flexible working arrangements, since they could get better control over their time to focus on driving sales goals. We have seen more and more employers introducing flexible working hours and the option to work from home for their employees.
Predictions for 2020
We are expecting 2020 to be a challenging year characterised by a slow recruitment drive due to political uncertainties.
The focus of hiring managers in 2020 will still be to recruit the best sales professionals with outstanding hunting skills and in-depth knowledge of his or her specialised market sector. Preference will be given to those who have the ability to quickly pick up and understand the brand’s products, too.
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SALES
SALES | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 SALES SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Sales professionals in Hong Kong
HONG KONG
Sales Salaries ($ Per Month)
Job Title Low Average High
Account Director - Sales $50,000 $65,000 $80,000
Account Manager - Sales $28,000 $35,000 $50,000
Key Account Manager $30,000 $40,000 $50,000
Business Development Manager $28,000 $42,000 $55,000
Business Development Director $55,000 $75,000 $100,000
Regional Sales Manager $45,000 $65,000 $80,000
Retail Manager $30,000 $45,000 $60,000
Sales Director $60,000 $80,000 $100,000
Sales Manager $30,000 $40,000 $50,000
Retail General Manager $100,000 $140,000 $180,000
In 2019, while we saw a consistent demand for sales professionals in Hong Kong, mostly coming fromInformation Technology & Telecommunication (IT&T), fast-moving consumer goods (FMCG) and themanufacturing sectors, there was a downturn in the demand for sales candidates in both general andluxury retail sectors.
Ambitious ‘hunter’ sales representatives, who can constantly identify new clients and convert them tocustomers, were in high demand throughout the year. Most of the employers were looking to expand themarket reach of their brands, and therefore sales professionals who possess the capability to acquire andgenerate new business are highly sought after. We saw a struggle to hire and retain these talents,especially professionals with a proven track record, as they were quite rare in the market.
Over the year, we also saw an increase in sales talent interested in joining IT companies. Instead of thetraditional IT firms, these professionals had a preference towards workplace such as Fintech companiesand mobile payment solutions.
Hiring managers were looking for sales professionals with strong experience in key account managementand outstanding customer conversion.
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Salary Guide 2020MARKETING
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Throughout the year, demand for marketing talent has still been strong and recruitment has been active.
We observed positive growth in traditional sectors such as the fast-moving consumer goods (FMCG), information technology & telecommunications (IT&T). However, we noticed a significant offshoring trend, in which some key players in the industries have shifted their regional offices away from Hong Kong. Some IT&T companies moved their regional offices to Singapore, while some companies in FMCG moved theirs to Shanghai.
How was the year 2019 for job seekers?
In 2019, the marketing job seekers were more interested in securing positions that are more stable, like in FMCG companies, government-run agencies and NGOs. But with the political issues in place, demand for marketing professionals fluctuated, and job seekers were generally left quite passive during the year. Candidates have become more open to relocating to other regions, such as Greater China or Singapore, in search of better jobs and a saner climate.
Most sought-after skills in the job market
In 2019, hiring managers were more interested in recruiting candidates with the following proficiencies;
• CRM• Marketing communications expert• Digital data & analytics
We can see hiring managers showing preference for specialists over generalists. In particular, the above specialist roles were in high demand, because more companies are looking to expand their online business.
They need professionals to build and develop their online platforms by improving digital marketing strategies. Candidates hired were expected to be able to leverage digital media to drive sales.
Specifically, candidates who were trained in the use of Google Analytics for businesses were advantageous. In 2019, we have seen marketing candidates who were proficient in growth marketing and digital data analytics earning a higher salary increment than their fellow marketing counterparts, indicating a stronger market demand for this talent.
Going for non-monetary rewards
Compared to other professionals, marketing candidates pay more attention on non-monetary rewards in their jobs. In evaluating a job opportunity, they are often concerned about job satisfaction, exposure, growth opportunities as well as the level of work-life balance they can enjoy, rather than just the salary increment they can get.
To meet this expectation, many of the MNCs are reviewing their budget to allow flexible working arrangements as a retention strategy. In addition to flexible working hours, we also saw some companies investing more on talent development. Internal mobility/ transfer programme is one of the few popular measures we saw that encouraged employees with great potential to stay and explore further within a company.
Predictions for 2020 and beyond
Going by the current trends, we expect that in the coming year, more marketers will shift their career path towards digital marketing. However,while digitalisation is the bigger trend, there will still be strong demand for traditional marketing roles such as advertising, public relations, and marketing communications.
Whilst it is always beneficial to acquire the digital skill sets in-demand, rather than just going after the trending digital marketing related roles, candidates should also consider their own experience and comparative advantage in applying for jobs.
Besides, work experience and exposure in Greater China is expected to be another most sought-after qualification in 2020 especially for companies in the FMCG, retail and IT&T sectors. We would advise candidates to grasp related opportunities to enrich their resume.
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MARKETING | $ PER MONTH
© Morgan McKinley 2020
HONG KONG - 2020 MARKETING SALARY GUIDE
The Morgan McKinley 2020 Salary Guide for Marketing professionals in Hong Kong
HONG KONG
Marketing Salaries ($ Per Month)
Job Title Low Average High
Marketing Manager $35,000 $45,000 $60,000
Marketing Director $60,000 $75,000 $90,000
CRM Manager $35,000 $45,000 $60,000
CRM Director $60,000 $70,000 $85,000
Digital Marketing Manager $37,000 $50,000 $60,000
Digital Marketing Director $60,000 $75,000 $90,000
eCommerce Manager $37,000 $50,000 $60,000
eCommerce Director $60,000 $75,000 $90,000
Brand Manager $32,000 $35,000 $45,000
Product Marketing Manager $36,000 $40,000 $52,000
Trade / Channel Marketing Manager $33,000 $40,000 $50,000
Account Manager (Agency) $36,000 $40,000 $50,000
Account Director (Agency) $51,000 $65,000 $80,000
Public Relations Manager $36,000 $45,000 $55,000
Public Relations Director $56,000 $70,000 $80,000
Corporate Communications Manager $40,000 $50,000 $60,000
Corporate Communications Director $60,000 $80,000 $100,000
Events Manager $30,000 $40,000 $50,000
Content Manager $35,000 $42,000 $50,000
Investor Relations Manager $40,000 $52,000 $65,000
Throughout the year, demand for marketing talent has still been strong and recruitment has been active.
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